The confrontation between Reddit and Wall Street is not over yet, and MGM has already acquired the rights to the film adaptation of Ben Mezrich’s upcoming book Antisocial Network. It will focus on the rise in GameStop shares, which was provoked by users of Reddit.
As a reminder, in January, a group of investors from the forum opposed two hedge funds that were playing down the shares of the GameStop chain of stores. Funds sold stocks, hoping that they would depreciate. But Redditors started buying them, which, on the contrary, increased their value several times.
As a result, the market value of GameStop shares increased by more than 1,700% – by $ 10 billion. But the hedge funds were almost bankrupt. Similarities and memes are in our material. Because of this, the Robinhood stock trading app started to impose restrictions on individual companies.
Note that it is not yet clear when the book will be released and, accordingly, the film adaptation. It is also unclear what details will be revealed during the writing process.