The r/Wallstreetbets saga that saw a set of Redditors unite forces to extract countless Wall Street hedge funds is defined to be turned into a film.
No details have been published concerning the shape the movie will require, but it’s anticipated to concentrate on the current”short squeeze” orchestrated by members of their r/Wallstreetbets subreddit.
The movie will possibly gain from the existence of big cryptocurrency figures, Cameron and Tyler Winklevoss — creators and operators of this Gemini exchange. The Winklevoss brothers will join the job as executive producers beneath their Winklevoss Pictures manufacturing company.
After discovering that significant hedge funds were GameStop (GME) stocks, the Redditors saw a prime opportunity to create gains by jointly betting another way.
This led to the worth of GME shares skyrocketing over 2,600percent in January alone, with all the knock-on impact of inducing Wall Street shorters to shed thousands of bucks.
The sudden explosion of GameStop inventory was the more surprising since many people believed it to be a lifeless brand; a casualty of the streaming marketplace that has effectively moved media intake from the TV to the net.
Even more apparently dead firms were bolstered by Reddit’s merry group of dealers, such as AMC (up 905 percent in January), in addition to Nokia, Blackberry, and Bed, Bath and Beyond.
In the wake of this brief squeeze, many trading programs frozen users from purchasing any more of those stocks in question. The Robinhood program came under especially heavy fire following observers noticed which 35 percent of its revenue came from Citadel Securities — a sister firm of the exact same hedge fund that lost tens of thousands of dollars.
This prompted outrage from many corners of the net and beyond. Clients from both sides of the spectrum have voiced their concerns regarding the activities of RobinHood, together with thousands and thousands of viewers tuning into see Alexandra Ocasio-Cortez talk about the potential illegality of the company’s actions. The United States Securities and Exchange Commission has since said it will be looking into Robinhood’s managing of this GameStop play, fearing that these activities will undermine market confidence.
