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A GameStop store in 2014. GameStop, an American chain of brick-and-mortar video game stores, had struggled in the years leading up to the short squeeze due to competition from digital distribution services, as well as the economic effects of the COVID-19 pandemic, which reduced the number of people who shopped in-person.
The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees (or simply The Antisocial Network) is a 2021 non-fiction book by Ben Mezrich about the GameStop short squeeze. The 2023 film Dumb Money is based on the book.
The GameStop short squeeze, starting in January 2021, was a short squeeze occurring on shares of GameStop, [19] [20] primarily triggered by the Reddit forum WallStreetBets. [21] [22] This squeeze led to the share price reaching an all-time intraday high of US$483 on January 28, 2021 on the NYSE.
The documentary chronicles the GameStop short squeeze of 2021 which saw GameStop's stock rise over 2,500% amidst rampant volatility. This story is told mostly from the viewpoint of several value investors who participated in sharing their due diligence on social media, most notably Roaring Kitty's YouTube streams.
It explores the causes that led to the 2021 GameStop short squeeze, and the dark underbelly of Wall Street that the phenomenon unearthed: payment for order flow, creative accounting, abuses of the short selling mechanism like naked short selling, corporate overvoting and failures to deliver (FTDs). [3]
In January 2021, Cohen's hedge fund Point72 joined Ken Griffin's Citadel in putting $2.75 billion into Melvin Capital, the hedge fund of former Cohen protege Gabe Plotkin, as a result of the GameStop short squeeze. [27] [28] Cohen denied that his involvement with the short squeeze would affect his willingness to spend money on the New York Mets ...
Dumb Money is a 2023 American biographical comedy-drama film, directed by Craig Gillespie and written by Lauren Schuker Blum and Rebecca Angelo. It is based on the 2021 book The Antisocial Network by Ben Mezrich and chronicles the GameStop short squeeze of January 2021.
However, his compensation decreased in 2021, due to the impact of the GameStop short squeeze on the fund. [9] Despite receiving $2 billion from Kenneth C. Griffin and $750 million from Steve Cohen, on May 18, 2021, Bloomberg announced Melvin Capital went defunct shorting GameStop and Gabe Plotkin would be shutting down his firm. [10]