The story of GameStop's recent whirlwind ride on Wall Street is getting the documentary treatment.
According to Deadline, XTR has teamed up with directors Chris Temple and Zach Ingrasci for the project. XTR is the company known for films such as You Cannot Kill David Arquette and Bloody Nose, Empty Pockets, while Temple and Ingrasci directed Five Years North and The Undocumented Lawyer. Production has already started, including interviews with key players, and money is being raised on Kickstarter.
"This story is still evolving daily. And it's so important to have a strong, nuanced documentary that can capture this landmark moment as it unfolds, through the perspective of the key people and forces that are shaping it," said Temple.
The documentary is the latest project based on the drama surrounding GameStop. MGM bought the film rights to The Antisocial Network, a book proposal by Ben Mezrich that will cover the story. Mezrich is the author of The Accidental Billionaires: The Founding Of Facebook, a Tale Of Sex, Money, Genius and Betrayal, which was adapted into the film The Social Network by David Fincher and producer Michael DeLuca, who is also attached to the GameStop film.
Netflix is also producing a GameStop film, with Mark Boal (Hurt Locker, Zero Dark Thirty) set to pen the script and Noah Centineo (To All the Boys I've Loved Before, Black Adam) taking on the lead role.
"The Robinhood GameStop saga is shaping up to be one of the most exciting stories of the year with far reaching consequences about the future of the financial markets and America's distaste for the standard institutional investors," said Justin Lacob, who serves as an executive producer. "Similar to Fyre Festival, America is infatuated with these events and we"re excited to give audiences the full picture, especially as it continues to unfold."
The GameStop stock saga began in the middle of January, when Redditors from r/wallstreetbets started buying GameStop stocks on day-trading apps like Robinhood. This forced larger investors and hedge funds to buy more of GameStop's stock, a stock they were shorting, to recoup losses. These two forces collided, raising the company's stock way above its actual market value. The Redditors pulled a similar scheme with AMC and Nokia in the same time frame.
Source: Deadline