Noah Centineo ‘starring in upcoming Netflix film chronicling the Reddit fueled GameStop stock rise frenzy’
Noah Centineo will have a ‘major role’ in an upcoming Netflix film chronicling the epic Reddit-fueled rise of GameStop stock.
Netflix is currently in talks to make an as of yet untitled film about the frenzy, with writer Mark Boal in negotiations to pen the screenplay, according to Deadline.
Though Netflix would not comment on the project with Deadline, insiders told the website the intention of the film is to showcase how social media has allowed everyday people to confront status quo gatekeepers, for better or worse.
Lights, camera, action: Noah Centineo will have a ‘major role’ in an upcoming Netflix film chronicling the epic Reddit-fueled rise of GameStop stock
Examples of this include the GameStop and AMC stock situation, spread of misinformation online about unfounded election fraud allegations, and Trump supports storming the U.S. Capitol following tweets made by the former President.
The Robinhood controversy arose after millions of Redditors fought back against Wall Street hedge funds short selling GameStop stock.
Kevin Gill, the YouTuber and Reddit user who caused a Wall Street crisis by driving up the price of GameStop, has not sold his life rights as of yet, but Deadline suspects it won’t be long until he begins getting calls from Hollywood.
However, the situation is still in flux and rights may not be necessary to tell the story.
Word on the street: The Robinhood controversy arose after millions of Redditors fought back against Wall Street hedge funds short selling GameStop stock
Users saw an opportunity for what is known as a ‘short squeeze’, in which rising share prices force short sellers to buy more of the stock to cover their losses.
Short sellers make money by betting that a stock will drop in price. They borrow a stock and sell it, with expectation that it will drop in price.
They then buy the stock back once it has dropped in price and return it to the lender, making a profit on the price difference.
Heart of the matter: Kevin Gill, the YouTuber and Reddit user who caused a Wall Street crisis by driving up the price of GameStop, has not yet sold his life rights, but Deadline suspects it won’t be long until he begins getting calls from Hollywood
However, in the case of GameStop, a seven-million strong army of Redditors, organised on the Reddit forum Wallstreetbets, saw that it was being shorted.
They banded together to drive the share prices of GameStop and other heavily-shorted companies up in an attempt to ‘stick it to the shorts’.
As a result, those betting against GameStop are down $19.75 billion this year, according to market analysts S3, including a further $8 billion loss on Friday after the stock leapt another 68 percent.
More to come: Netflix is currently in talks to make an as of yet untitled film about the frenzy, with writer Mark Boal in negotiations to pen the screenplay (Centineo pictured in March 2020)