What happens when a group of small-time investors take on a privileged clique of Wall Street billionaires? Absolute chaos. The new movie Dumb Money, which hits theaters on Sept. 15, is a fictionalized take on the infamous GameStop saga, when the beleaguered video game chain became a meme stock thanks to a Reddit user known as RoaringKitty (played by Paul Dano).
‘Dumb Money’ is a fictionalized take on the GameStop saga
In early 2021, RoaringKitty – real name, Keith Gill – and his online compatriots banded together to execute a short squeeze of GameStop stock. The move sent share prices skyrocketing and ended up costing the hedge fund owners who’d bet on GameStop’s failure a ton of money. It also made the little guys rich (at least on paper).
The wild trading was possible in part due to Robinhood, a retail investing platform that many investors were using to buy and sell stock.
‘Dumb Money’ is a fictionalized take on the GameStop saga
In early 2021, RoaringKitty – real name, Keith Gill – and his online compatriots banded together to execute a short squeeze of GameStop stock. The move sent share prices skyrocketing and ended up costing the hedge fund owners who’d bet on GameStop’s failure a ton of money. It also made the little guys rich (at least on paper).
The wild trading was possible in part due to Robinhood, a retail investing platform that many investors were using to buy and sell stock.
- 9/16/2023
- by Megan Elliott
- Showbiz Cheat Sheet
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