According to a report by online news site Deadline, Metro Goldwyn-Mayer (MGM) has won the rights to produce the film in a bidding war involving major Hollywood movie houses. The movie is to be based on a book proposed by author Ben Mezrich. Mezrich’s previous work, “The Accidental Billionaires: The Founding Of Facebook, a Tale Of Sex, Money, Genius, and Betrayal,” was adapted into the several academy award-winning picture “The Social Network.” The story will revolve around the recent Wall Street Bets and Gamestop saga.
MGM’s Michael DeLuca will produce the film.
The title to Ben Mezrich’s planned latest book offering is called “The Antisocial Network,” said the report, quoting sources familiar with the development. The book is expected to go out to publishers later this February, it said. However, it is not yet clear what shape or structure the movie will take. MGM’s Michael DeLuca will produce the film. DeLuca also produced the Academy-Award winning The Social Network. Cameron and Tyler Winklevoss will executive produce via their Winklevoss Pictures production company. The Wall Street Bets group noticed that major hedge funds on Wall Street had been placing short-bets against companies they considered to be dying.
GameStop’s shares soared more than 2,600% in January.
The funds particularly targeted Gamestop, the world’s largest video game retailer, continually shorting the company’s shares. But the Redditors saw an opportunity to make a profit and collectively bet the other way, buying shares and stock options. This resulted in the value of the Gamestop shares soaring by more than 2,600% in January. Hedge funds that had shorted the stock incurred losses running into several billions of dollars. One fund, Melvin Capital, reportedly lost up to $7 billion to the “short squeeze” in January, forcing it to restructure its investment portfolio to ensure a faster escape in future “squeezes.”
