GameStop has been all over the headlines these last two weeks. Netflix and the rest of traditional Hollywood have seen dollar signs in GME, much like the rest of the internet a week ago. The short version is that GameStop stock was expected to fall, and it was “shorted” as a result. That means that institutional investors were trying to turn a profit on the drop in price. But late last month, everything changed.
Jumping from its all-time lows in 2020, the stock price rocketed upwards, thanks in no small part to individuals taking part in the WallStreetBets subreddit. Users on that site had bet against the drop, and had come out way ahead. The price ballooned, but has since fallen back down. The resulting swings and dips of the stock price took many individual investors and hedge funds for a ride. The price is still trading at a rather absurdly high mark around $60 a share. At its highest point, GameStop’s share price was $483. On Friday, the stock was worth $63.77.
A big part of that swing came from when individual trading platform Robinhood, who had built their reputation on being the trader for the “little guys”, had restricted trading on GME and other stocks that WSB was focusing on. The loss in buying power caused a major drop in the price of the stock. This move put pretty much everyone against Robinhood, even to the point of class-action lawsuits being filed. And as anyone would expect with drama, it only got weirder from there. Various movie deals had already been inked before the week was out, because of course they were.
And now, HBO has hopped into the madness. Variety reports that US-based network HBO is also working on its own GameStop movie. Their project will be helmed by executive producer Andrew Ross Sorkin, Len Amato, and Jason Blum. The story will likely be a dramatized retelling of the real-life events following WallStreetBets and GameStop.
Sorkin will offer his own take on the financial side of things, having created several works in the dramas around the financial markets. He authoredToo Big To Fail around the events of the 2008-2010 financial crises. He’s also worked on Showtime drama Billions.
Blum is the founder of Blumhouse Television. Blumhouse is known for a mix of different film genres, many of which delved deeply into introspective and surreal tones and stories. His influence will likely result in a film that tells a much more gritty tale than what actually happened. Whether that comes to pass or not, we will have to wait until this GameStop movie actually comes out.
The project is joined by efforts from other production companies and studios across Hollywood. We will just have to wait and see what happens next.