The events that have shaken the financial markets in recent days and that have involved the Reddit community WallStreetBets will be made into a film.
Production company MGM has bought the rights to the book The Antisocial Network by Ben Mezrich. There’s one detail though: the book hasn’t been written yet. This was revealed by Deadline.
In fact, Ben Mezrich has announced his intention to recount one of the most difficult weeks in the financial markets in a new book. The story is fascinating: a group of young people meet on a social network and agree to buy up the shares of companies on the brink of collapse. The choice fell on GameStop, American Airlines, AMC, BlackBerry, Nokia and others. The result was that the price of those shares soared, and while the very young men got rich, the hedge funds that had opened short positions on the same shares collapsed to their knees, one step away from bankruptcy.
There is no happy ending to this story: the SEC will intervene, the White House will intervene, and the apps used to buy those shares en masse will end up restricting trading, as Robinhood had to do.
The Winklevosses in the WallStreetBets movie
The film will feature Michael DeLuca, who previously produced The Social Network, and Pamela Abdy as producers. Twins Tyler and Cameron Winklevoss will serve as executive producers with their Winklevoss Pictures.
Mezrich expects to release his book as early as February. It is still unclear where he will have this story begin and end.
Ben Mezrich is no stranger to such stories. He wrote the book The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal, on which the film The Social Network was based. He is also the author of Bitcoin Billionaires, which is a sort of sequel to the first book and tells the story of the Winklevoss brothers, from their involvement in the birth of the sequel to the maxi investment in Bitcoin in 2013 that made them billionaires and pioneers of cryptocurrencies, which today they promote through their exchange Gemini.