Back in January of 2021 GameStop’s stock price exploded As the latter bet on the company failed, Reddit trolls went to war with old-school investors. Reddit et al called their hoax, and well, now it’s the stuff of documentary films. Speaking of, Netflix just released a new trailer for its upcoming documentary about the wild “Gamestonex” saga, and it has made some trollish Redditors who were pretty mad at it all. So crazy, they’re threatening to cancel their streaming subscriptions.
Let’s rewind (briefly) for real what happened in January 2021.
At the start of the year, GameStop stock was trading at less than $20 a share, and the brick-and-mortar retail chain it linked was in dire need of a Plan B. But when institutional investors began selling the stock short—effectively betting that the company was overvalued and would soon explode—something strange happened: its stock price more than tripled in value, reaching Just over $73 as of January 22, 2021,
Why? A group of retail investors on Reddit and TikTok believed that GameStop was overvalued, which is what shorts were claiming and began buying its stock. This had the effect of raising the price for institutional investors betting on its failure, who suddenly had to cover the price gap or incur costs. After all, a lot of rich people got screwed. Stock-trading apps like Robinhood blocked users A perfect example of buying more GameStop assets and the whole thing becoming a horrible mess. the hellscape that is modern day capitalism,
It is definitely a thrilling, wild story full of twists and turns. This could make a good documentary! So, That’s Exactly What Netflix Is Doing (What Else HBO Max did it six months ago…) and now we have this trailer for the upcoming Eat the Rich: The GameStop Saga,
Boy, Stock Brothers and Redditors really, really hate it.
over on r/superstone-main GameStop stock theory-crafting subreddit (yes, it’s a real thing)-you can find many, highly votedAnd Popular Posts Declaring that the Doctor is a “poor portrayal” of retail investors, many listened to the cancellation of their Netflix accounts in retaliation.
The Stonk Brothers are mad at the doc for a few different reasons, but two big things that keep popping up are the lack of input from investors at r/SuperStonk and r/WallStreetBets, and the last line of the trailer, spoken by Journalist Taylor Lorenz, The trailer ends with a witty joke on Reddit of her, who sets out to fight GameStop short sellers, saying, “Yolo, destroy the economy.” That line seems to have really angered a particular group of Reddit investors.
“I’m ready to cancel Netflix anyway… Yolo lady gave me a reason. Slater Netflix,” one user said on r/SuperStonk. “Cancel Netflix and use that money to buy GME [stock]?” replied the other. Of course, very few people have shared photos or other evidence proving they canceled their subscription, or that they even had one to begin with. And r/SuperStonk But other users expressed disbelief at the idea of people canceling a sub on a documentary that hadn’t even been released yet.
Still, on Twitter, you can find many angry replies to the Netflix trailer, with people claiming it’s just a one-hit job of making retail investors look awful. Even Taylor Lorenz has come out and made it clear that she strongly opposes Wall Street’s broken and unfair economic system, calling it “undoubtedly unhealthyBut angry investors don’t mind. I guess you only need a soundbite from an unreleased movie trailer to know it’s a hit piece.