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The recent GameStop short squeeze, during which Redditors stood up against institutional investors by pumping the price of the company whose stock was massively shorted, had a major impact on the financial industry. The event was so massive, that Metro-Goldwyn-Mayer (MGM) decided to make a movie about the event in collaboration with the Winklevoss twins.
MGM and Winklevoss Pictures are making a movie
Last weekās GameStop incident has shaken the financial industry to its core after Wall Street Bets, a group of retail investors from Reddit, stood up against the actual Wall Street. These Redditors decided to pump the stock price of GameStop, while institutional investors were shorting it to make money by essentially destroying the firm.
The event was so massive that it already saw the launch of a book proposal, and now a movie. The book in the works is known as āThe Antisocial Network,ā by Ben Mezrich, the best-selling author from New York Times.
Meanwhile, the Winklevoss twinsā Winklevoss Pictures, in a deal with MGM, aims to deliver the film regarding the event. They have already selected a producer ā Aaron Ryder, who created major hits like āDonnie Darkoā and āArrival.ā
The aftermath of the short squeeze
Redditorsā attempt to protect the company from institutional investors did not stop with GameStop, however. They further blew up the last weekās incident by doing the same with several other companiesā stocks, including AMC Entertainment and Nokia.
Many have supported the initiative, although the situation became even more controversial after stock trading apps like Robinhood and Interactive Brokers decided to delist these firmsā stocks in order to limit retail investorsā reach.
The SEC immediately started the investigation of these platformsā and Redditorsā actions, while crypto exchange Bittrex decided to tokenize the stocks and list them on its platform, once again making them available to investors, but this time in a decentralized manner.
The post Winklevoss twins will make a movie about GameStop short squeeze appeared first on Invezz.
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