The GameStop stock market controversy is already becoming a movie. MGM has just announced that they've purchased the rights to New York Times best-selling author Ben Mezrich's book proposal titled The Antisocial Network. The last few weeks have seen amateur investors from Reddit, along with a healthy dose of trolls, take on Wall Street to make crazy amounts of money (and a lot of memes), while attempting to cripple hedge funds. Hedge fund Melvin Capital Management lost 53% (roughly $4 billion) in January after the record rally in GameStop stock, which they were originally betting against.
Ben Mezrich wrote 2009's The Accidental Billionaires: The Founding Of Facebook, a Tale Of Sex, Money, Genius and Betrayal, which went on to become the Academy Award winning movie The Social Network. It is unclear if the upcoming movie based on the Reddit and GameStop news will be officially titled The Antisocial Network, but that is Mezrich's title of his forthcoming book. It is also unclear when the book will be finished since the Wall Street news is only a few weeks old now and still unfolding.
When the year started, GameStop's stock was failing, which led to hedge funds betting against it by shorting shares in an attempt to sell them back for a higher price. Now infamous subreddit, WallStreetBets, figured out this information and set out to destroy the hedge funds, while saving GameStop's stock. Shares have since shot up 1,5000% since December and the market value is currently over $10 billion. This also led to some Reddit users raking in some large sums of money while attempting to bring down Wall Street.
As for how this will all turn out, that is anybody's guess at the moment. As of today, GameStop stock is down over 30%, but Redditors are still holding strong, while helping to get AMC Theatres out of debt at the same time. For some, they believe that AMC is the next GameStop, in terms of share prices sky rocketing in the next few weeks because of hedge funds trying to short the stock. For others, they see a lot of doom on the horizon as people who have never invested before learn the hard way about losing a lot of money. Regardless, it is all set to become a major motion picture.
Cameron and Tyler Winklevoss, who were portrayed by Armie Hammer in The Social Network, are serving as producers on The Antisocial Network movie. Wall Street is constantly in the news, but not always for a David and Goliath type of story that is currently happening in real time. Ben Mezrich is currently putting together what will become his book, which means that even the Reddit trolls will end up going down in history. Deadline was the first to announce The Antisocial Network is about to become a major motion picture with MGM.