It has been reported that a newly proposed book by “The Social Network” author, Ben Mezrich, was subject to a bidding war between major Hollywood studios, with Metro-Goldwyn-Mayer winning out in the end.
However, the project will reunite Mezrich with MGM producer Michael DeLuca, who also produced the Academy-Award winning film “The Social Network,” which told the story of the rise of Facebook founder Mark Zuckerberg.
The report said that no details have yet been released regarding the shape the film will take, but it is expected to focus on the recent “short squeeze” orchestrated by members of the r/WallStreetBets subreddit.
Also, the film will benefit from the presence of major cryptocurrency figures, Cameron and Tyler Winklevoss, the founders and operators of the Gemini exchange, as the Winklevoss brothers will join the project as executive producers under their Winklevoss Pictures production company.
Likewise, the Redditors saw a prime opportunity to make profits by collectively betting the other way after noticing that major hedge funds were shorting GameStop (GME) shares. This resulted in the value of GME shares skyrocketing over 2,600% in January alone, with the knock-on effect of causing Wall Street shorters to lose tens of billions of dollars.
As the sudden explosion of GameStop stock was all the more surprising given that most people considered it to be a dead brand, a victim of the streaming market has effectively transferred media consumption from the TV to the Internet.
Thus, some of the dead companies were resurrected by Reddit’s merry band of traders, including AMC (up 905% in January), as well as Nokia, Blackberry, and Bed, Bath and Beyond.