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Tuesday, June 15, 2021

Discovery+ is turning the GameStop-Reddit stock drama into a documentary

The worlds of on-line tradition and Wall Street finance spectacularly collided to create the meme stock saga. In the eye of the storm was GameStop, the ailing video video games retailer that underwent a large resurgence after day merchants from Reddit’s WallStreetBets snapped up its stock to counter the hedge funds who have been shorting it. The ensuing stock market volatility noticed the surging shares repeatedly halted and spurred a Congressional listening to that includes the drama’s important gamers, from Robinhood’s Vlad Tenev to Reddit co-founder Steve Huffman. Sensing a possibility, Hollywood shortly greenlit a number of projects. But forward of the competing motion pictures, the meme stock phenomenon is getting the documentary remedy…once more.

According to Deadline, Discovery+ has tapped the actual Wolf of Wall Street Jordan Belfort to relate its upcoming doc, tentatively titled GameStop: The Wall Street Hijack. The movie — described as a David versus Goliath story that focuses on the social media rebellion — will premiere in the UK on April eighth earlier than making its means abroad. It follows the Hulu documentary Gamestopped from ABC News which debuted earlier this month.

“I’ve found some very creative ways to make money on Wall Street, but I’ve got to say, personally, I love the fact that everyone now has the ability to organize and give the Wall Street players a run for their money,” Belfort stated.

At first look, the Discovery+ doc sounds prefer it might wind up contributing to the myth-making that ignores the story’s extra manipulative parts, together with the position of bots in boosting meme shares. A lawsuit additionally accused Keith Gill (a Redditor who drove the GameStop growth) of deceiving novice traders into shopping for GameStop shares whereas hiding his skilled monetary background. On the flip aspect, loads of common people lost money betting on GameStop and different viral shares.

Regardless, the new doc is probably meant to attract a youthful crowd to Discovery’s burgeoning streaming service. The platform arrived late to the streaming celebration and leans closely on documentaries and actuality TV from channels like TLC, Food Network and Animal Planet in addition to content material from A&E, History Channel and Lifetime.

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