Someone is already writing a book on the saga that has been GameStop’s stocks, which in turn is already primed to become a movie. It’s barely been a week.
Deadline reported earlier today that Ben Mezrich, whose 2009 book about Facebook’s founding, The Accidental Billionaires, became the David Fincher-directed biopic The Social Network the following year, is penning the “GameStonk” story. Mezrich and his reps reportedly put his latest project on the market late last week before MGM quickly picked it up Friday night.
GameStonk, for those out of the loop, is a popular online movement ostensibly about punishing hedge funds and other institutional investors for massively shorting (i.e., gambling on the failure of) GameStop stock. And while those same people are likely making money on the campaign too, it has since evolved into an indictment of both Wall Street and capitalism in general by those rarely in a position to take advantage of either.
After spiking to as much as $US469.42 ($616) a share last Thursday morning, GameStop’s stock has cooled significantly, thanks in part to investing apps like Robinhood halting trading of the company’s assets. The stock currently sits at around $US250 ($328) a share.
President Joe Biden’s administration has promised to keep an eye on the GameStop situation while simultaneously waffling on how much support to give a populace still struggling to survive the covid-19 pandemic. Because if there’s anything this country hates more than helping folks in a time of need, it’s obscenely rich people losing a fraction of their overall wealth and power.