Major Hollywood studio, Metro-Goldwyn-Mayer (MGM) has won the right to turn the GameStop stock trading drama into a movie. Reportedly, MGM has acquired the movie rights to a newly proposed book titled "The Antisocial Network" from New York Times best-selling author Ben Mezrich. Meanwhile, Winklevoss Pictures, founded by Bitcoin billionaires Cameron and Tyler Winklevoss will executive produce the film.
The storyline will follow a group of Redditors who took on hedge funds by forcing a short squeeze on stocks such as GameStop (GME), Nokia (NOK), and AMC Entertainment (AMC), among others.
After noticing that major hedge funds were shorting GameStop shares, the Redditors saw an opportunity to make profits by heavily investing in the ailing stocks. This resulted in the value of GME shares spiking over 2,600% in January alone. It further caused the Wall Street shorters to lose tens of billions of dollars.
Meanwhile, the Robinhood trading app came under heavy criticism for suspending GameStop trading causing retail investors to lose in an effort to save the hedge funds. Critics also noticed that 35% of Robinhood’s revenue came from Citadel Securities, a sister company of the same hedge fund that lost billions of dollars.
Major cryptocurrency figures, Cameron and Tyler Winklevoss, founders and operators of the Gemini exchange will executive produce the film.
The project will reunite Mezrich with MGM producer Michael DeLuca, who also produced the Academy-Award winning film The Social Network. It was based on the story of the rise of Facebook founder Mark Zuckerberg adapted from Mezrich’s previous book. The Winklevoss brothers sued Facebook's creator Mark Zuckerberg that formed a major focus of The Social Network movie.