The meme stock phenomenon that set shares of GameStop Corp. skyrocketing to dizzying heights in 2021 is getting the Hollywood treatment in the forthcoming movie “Dumb Money.”
Sony Pictures released a trailer for “Dumb Money” this week, with the movie set to hit theaters on Sept. 22. “Dumb Money” tells the story of fortunes won and lost overnight “in the David-vs.-Goliath short squeeze that might have ended up changing Wall Street forever,” says filmmaker Black Bear Pictures, on its website.
The movie has been described as a “dramedy” by Deadline, which reported last year that Sony Pictures had snapped up distribution rights for “Dumb Money” in the U.S. and a number of overseas markets.
Related: GameStop snapback continues after Ryan Cohen’s election as executive chairman, CEO firing
“You can’t make this $hit up,” tweeted the movie’s Twitter account Thursday. “Get invested in the insane true story that shocked the world.”
The stellar cast includes Nick Offerman as Citadel CEO Ken Griffin and Seth Rogen as Melvin Capital Founder Gabe Plotkin. Mets owner and CEO of Point72 Asset Management Steve Cohen is played by Vincent D’Onofrio. Meme-stock guru Keith Gill, aka Roaring Kitty, is played by Paul Dano. Shailene Woodley, America Ferrera, and Pete Davidson also star.
The movie is directed by Craig Gillespie, who also directed “I, Tonya,” and “Cruella.”
Related: GameStop fires CEO, elects Ryan Cohen as executive chairman; stock plunges
GameStop
GME,
like fellow meme stock darling AMC Entertainment Holdings Inc.
AMC,
was a major beneficiary of the meme-stock buying frenzy in January 2021. Boosted by the WallStreetBets crowd on Reddit, the struggling video game retailer’s shares were sent soaring. Between January and March 2021, GameStop’s stock price rose more than 1,200% and the company’s market cap surpassed $17 billion. The company’s market cap is now $7.41 billion.
Shares of GameStop fell 1.1% Friday, compared with the S&P 500 index’s
SPX,
decline of 0.5%. The video game retailer’s stock has risen 30.2% in 2023, outpacing the S&P 500 index’s gain of 13.6%.
Read the full article here