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The drama surrounding certain "meme stocks" has quieted-down in recent days, along with an unceremonious plunge in the share prices of GameStop, AMC and others.
Now it's Hollywood's turn to convert drama into dollars.
Jaime Rogozinski, the founder of Reddit's WallStreetBets, has sold the rights to his life story to RatPac Entertainment.
Posters on a Movie Poster
RatPac Entertainment — the production company behind Wonder Woman and Dunkirk — plans to dramatize the tale of amateur online investors rocketing the shares of GameStop and other companies to historic levels, bringing a few hedge funds to their knees in the process.
Rogozinski received a payment in the "low six figures" in exchange for exclusive access to his version of the events.
RatPac exec and disgraced Hollywood veteran Brett Ratner told the WSJ, “This story is such a human story of power and uprising, capitalism and socialism, and so much more.”
But RatPac isn’t alone in the race to bring the Reddit saga to the screen:
- Metro-Goldwyn-Mayer acquired a book proposal about the Gamestop carnage written by Ben Mezrich, whose book on Facebook was adapted into David Fincher’s The Social Network.
- Netflix is also trying to rush a film with Zero Dark Thirty screenwriter Mark Boal, and Disney Channel heartthrob Noah Centineo is attached to star.
Regulatory Drama Not Over Yet: It’s unlikely to make for a movie sequel, but there is more WallStreetBets fallout happening in the regulatory sector.
Many are now calling on regulators to ban payment for order flow, which allows trading firms to pay brokerages for the right to handle orders submitted by individual investors. Critics say it incentivizes brokers to maximize revenue while leaving their customers behind.
The Takeaway: Much has been made of the retail surge, but institutional investors have played a large role in the meme-stock drama.