HBO developing GameStop movie with Jason Blum and Billions co-creator
GameStop movies only go up…
HBO is getting into the GameStop frenzy by putting into development a movie about the recent Reddit-fueled stock market rebellion.
The untitled project is from Jason Blum (of Blumhouse horror movie empire fame), Andrew Ross Sorkin (who co-created Showtime's Wall Street drama Billions) and Len Amato (Recount).
The pitch: "How a populist uprising of social media day traders beat Wall Street at their own game turning the stock market upside down and shaking the financial world to its core."
The news marks the seventh project that's been reported in the works about the Gamestop phenomenon, including four other scripted projects and two documentaries (and those are just the ones that have been in the press).
In addition to the HBO project, there's a scripted MGM movie in development from author Ben Mezrich (Bitcoin Billionaires) based on a pitch titled The Antisocial Network; another in the works from Netflix written by Mark Boal (Zero Dark Thirty) with Noah Centineo (The Fosters) attached to star; yet another from a new company that's described as a limited series titled To the Moon; and a fourth from Brett Ratner's RatPac Entertainment, which acquired the story rights of Jaime and Joel Rogozinski — two men behind the WallStreetBets subreddit — as well as the rights to the book WallStreetBets: How Boomers Made the World's Biggest Casino for Millennials.
As of Friday, Gamestop was down 84 percent from its Reddit-fueled peak, collapsing from its WallStreetBets-hyped high of $482 a share. Hedge funds shorting the stock have reportedly racked up billions during the stock's decline over the last few days. So while Hollywood projects have been pitching GameStop as an underdog success story, it's perhaps debatable right now whether the retail investors ultimately won this fight as many who piled into the stock have since cashed out at a steep loss.
Perhaps the better GameStop investment? Betting on GameStop movies.