“Dumb Money,” which is based on the GameStop meme stock phenomenon, hit select theaters Friday
The meme stock phenomenon that sent shares of GameStop Corp. skyrocketing to dizzying heights in 2021 is getting the Hollywood treatment in the new movie “Dumb Money,” which hits select theaters Friday, but don’t expect any repeat of the events of 2021, says Dan Raju, CEO of cloud-based financial services provider Tradier.
GameStop GME, -0.60%, like fellow meme stock darling AMC Entertainment Holdings Inc. AMC, +2.70%, was a major beneficiary of the meme-stock buying frenzy in January 2021. Boosted by the WallStreetBets crowd on Reddit, the struggling video game retailer’s shares were sent soaring. Between January and March 2021, GameStop’s stock price rose more than 1,200% and the company’s market cap surpassed $17 billion. GameStop’s market cap is now $5.6 billon.
For Raju, the golden age of the meme stock rally is clearly over. “I had predicted that meme stock rallies will taper off,” Raju added. “It will never be zero, because of the emergence of the new social trader, but those ideal hype chambers don’t exist anymore.”“Dumb Money” tells the story of fortunes won and lost overnight “in the David-vs.-Goliath short squeeze that might have ended up changing Wall Street forever,” says filmmaker Black Bear Pictures, on its website.
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