Financial Investments
HBO Developing GameStop Stock Movie with Billions Co-Creator, Blumhouse
If you ask the folks on r/WallStreetBets, the saga of taking GameStop to the moon in order to stick it to hedge funds shorting the company’s stock isn’t nearly over. But even in the midst of this social media-based financial smack down, Hollywood is already seeing its own dollar signs. The latest studio seeking to adapt the real-life story is HBO, which is developing a project with Billions co-creator and financial journalist Andrew Ross Sorkin, former HBO Films head Len Amato, and Jason Blum’s Blumhouse. The Hollywood Reporter has it that the cable network is currently in search of a writer to pen the film. The outlet also continually refers to the production as a “project,” shying away from specifying if it might be a movie, TV show, or limited series. Any of those forms might work for t...
Reddit Exploited a Hedge Fund and Made GameStop Stock Prices Explode
Shares of GameStop (GME) opened at more than $350 today after starting the month at around $17 a share. This has led a generation of half-dead old white guys to spit out their coffees onto their Wall Street Journals, demanding to know: what happened? Via New York Times, The Motley Fool, and CNBC, a Reddit board has used an avalanche of small trades to exploit an enormous bet made by the hedge fund Melvin Capital, with the little investors making a killing while the billionaires took a bath. The story begins with a financial practice called “shorting,” which happens when an investor is convinced that a stock price will go down. They borrow shares from a lender with an agreement to give the stock back at a later date. In the meantime, the investor hopes to make some money. First, t...
