Get ready for the highly anticipated release of “Dumb Money” in Hong Kong on October 5, 2023. But before you immerse yourself in this cinematic experience, here are 10 captivating facts that will pique your interest, shedding light on the legendary Wall Street Bet story and the behind-the-scenes drama of GameStop. Let’s dive in!
1. “Dumb Money” is based on a true story
“Dumb Money” is a comedy-drama film directed by Craig Gillespie, inspired by a true and unbelievably captivating tale of Keith Gill in 2021—the GameStop stock frenzy—a tale of power dynamics, where the game-rigging elites face off against the underdogs fighting for their rightful share through virtual stock trading.
The Genesis of the story
This Sony Pictures production delves deep into the remarkable narrative of the GameStop stock surge in 2021, with Keith Gill at the epicenter (portrayed by the brilliant Paul Dano).
Gill, a former financial analyst at Mass Mutual, gained a huge following through his YouTube channel, Roaring Kitty, and his Reddit persona, DeepFuckingValue. He fearlessly shared his personal stock strategies and spreadsheets, passionately arguing that GameStop was undervalued by hedge funds betting against its success.
In 2019, Gill invested $53,000 of his life savings when GameStop stock was merely $5 per share. As his following grew, retail traders joined forces, resulting in an unprecedented and exponential rise in the stock’s value.
In January 2021, the stock price of GameStop soared to an astonishing $483 per share. This caused a “short squeeze” that sent shockwaves through the financial world, leaving hedge funds in turmoil and retail traders rejoicing. Gill then became a symbol of the ultimate underdog, challenging the established order.
What is a short squeeze?
A short squeeze happens when a stock that many people have bet against suddenly and quickly goes up in price. This forces those who bet against the stock to buy it back at a higher price. As more people rush to buy the stock, the price goes up even more, causing big losses for those who bet against it.
The frenzy around GameStop’s stock in 2021 is a good example of a short squeeze. Small investors on platforms like Reddit and WallStreetBets deliberately targeted stocks many people had bet against, like GameStop, which caused the stock price to skyrocket and pushed out those who had bet against it.
More about GameStop (GME) stock
GameStop Corp. is the stock that was being shorted in the movie.
GameStop is an American retail giant specialising in video games, consumer electronics, and gaming merchandise. With headquarters in Grapevine, Texas (a suburb of Dallas), GameStop is the largest video game retailer worldwide. However, the company faced a decline in performance during the mid-to-late 2010s due to the shift towards online shopping and ill-fated investments in the smartphone retail industry.
What’s r/WallStreetBets?
r/wallstreetbets is where the event begins. r/wallstreetbets, also known as WallStreetBets or WSB, is a subreddit where participants engage in discussions about stock and option trading. Renowned for its vibrant and “colourful language”, bold trading strategies, and influential role in the GameStop short squeeze, this community shook the financial world in early 2021, causing significant losses for certain US firms and short sellers.
2. How much did Keith Gill make from GameStop’s trade?
Keith Gill could have made $48 million at the peak of the GameStop Frenzy.
In April 2021, Gill shared his final spreadsheet on Reddit, estimating the value of his GameStop stock at $34,473,248.01. At its peak, Reuters valued Gill’s GameStop stock at a staggering $48 million.
3. Where is Keith Gill now?
His last YouTube post, “Cheers Everyone!” was shared in April 2021. Gill still maintains a subscriber base of over 500,000. However, since 2022, Gill has chosen to stay out of the public eye and has not been seen in public.
4. Are there any fictional characters in the film?
Yes, there are fictional characters in “Dumb Money,” but Jenny Campbell (played by America Ferrera) is one of them. She is a composite character based on different real people. On the other hand, here are the actual characters that appear in the film:
- Keith Gill, an American financial analyst and YouTuber
- Steve Cohen, the founder of S.A.C. Capital Advisors and Point72 Asset Management
- Kenneth C. Griffin, the owner of Citadel LLC
- Vlad Tenev, the co-founder of Robinhood
- Baiju Bhatt, the co-founder of Robinhood
- Gabe Plotkin, the founder and chief investment officer of Melvin Capital Management and Tallwoods Capital LLC
5. Who is on the acclaimed production team?
The creative minds behind “Dumb Money” are no strangers to success.
Not only directed by Craig Gillespie, who is also the director of the Disney movie “Cruella,” “Dumb Money” also benefits from a production team that includes Michael De Luca, the mastermind behind the critically acclaimed film “The Social Network” (2010).
When it comes to the cast, Paul Dano, known for his fantastic performances in films like “The Batman” and “The Fabelmans,” takes the lead as Keith Gill in “Dumb Money.” Joining him is a star-studded cast including Vincent D’Onofrio, Seth Rogen, and Sebastian Stan.
The ensemble also features America Ferrara, who is on a hot streak after her role in “Barbie,” Anthony Ramos, and Myha’la Herrold from the series “Industry.” While Ferrara, Ramos, and Herrold portray composite characters based on real people, their unique perspectives add depth to the story being told in the movie.
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Frequently asked questions: The Movie “Dumb Money”
What is the GameStop stock guy movie?
“Dumb Money” is a movie about the GameStop Frenzy.
Is “Dumb Money” based on a true story?
Yes, “Dumb Money” is inspired by a true and captivating tale of the GameStop stock frenzy in 2021.
Who directed “Dumb Money”?
“Dumb Money” is directed by Craig Gillespie.
When will “Dumb Money” be released?
“Dumb Money” is set to be released in Hong Kong on October 5, 2023.
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