Back in January 2021 GameStop’s share price skyrocketed when Reddit trolls went to war against old-school investors after the latter bet on the company failing. Reddit et al. gave up their bluff and well, it’s the stuff of documentaries now. Speaking of which, Netflix just released a new trailer for its upcoming documentary about the wild Gamestonks saga, and it has infuriated some of the troll Redditors involved in all of this. So angry they are threatening to cancel their streaming subscriptions.
Let’s rewind real quick to (briefly) explain what the hell happened in January 2021.
Earlier in the year, GameStop’s stock was trading for under $20 a share, and the brick-and-mortar retail chain it was affiliated with was in dire need of a plan B. But when institutional investors started shorting the stock…effectively betting that the company was overvalued and about to implode – something strange happened: the stock price more than tripled and reached just above $73 on Jan 22, 2021
Why? A group of retail investors on Reddit and TikTok believed GameStop was more valuable than shorters were claiming and began buying up its shares. As a result, the price went up for the institutional investors betting on failure, suddenly having to cover the price difference or eat up the cost. After all, too many rich people have been screwed like that Stock trading apps like Robinhood blocked users Purchasing more GameStop assets made the whole thing a terrible mess, a perfect example of this the hellscape of modern capitalism.
It’s definitely an exciting, wild story full of twists and turns. This could be a good documentary! So that’s exactly what Netflix is doing (and what HBO Max did it six months ago…) and now we have this trailer for the upcoming one Eat the Rich: The GameStop Saga.
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Boy the Stock Bros and Redditors really, really hate it.
Continue r/SuperStonk– the premier GameStop subreddit for creating stock theories (yes, this is a real thing) –you will find numerous, Highly ratedand Popular Posts He explained that the document was a “bad representation” of retail investors, and many implored anyone who would listen to terminate their Netflix accounts in retaliation.
The Stonk brothers are upset with the document for a variety of reasons, but the two big things that keep coming up are the alleged lack of investor input on r/SuperStonk and r/WallStreetBets and the last line of the trailer, Voiced by Journalist Taylor Lorenz. The trailer ends with her seemingly mocking the Redditors who have set out to fight GameStop’s short sellers, saying, “Yolo, let’s destroy the economy.” That line seems a particular group really pissed off by Reddit investors.
“I’m ready to quit Netflix anyway… Yolo Lady gave me a reason. Slater Netflix,” said one user on r/SuperStonk. “Cancel Netflix and use that money to buy GME [stock]?” answered another. Of course, very few have shared pictures or other evidence proving they canceled their subscriptions or even had one. And other users on r/SuperStonk expressed disbelief at the idea of people unsubscribing over documentation that hadn’t even been released yet.
Still, you can find tons of angry replies to the Netflix trailer on Twitter, with people claiming it’s just a hit job meant to make retail investors look awful. Even Taylor Lorenz has come out and made it clear that she is firmly opposed to Wall Street’s broken and unfair economic system, calling it “undeniably unhealthy.” But angry investors don’t mind. I think all you need is a bit of sound from the trailer of an unreleased movie to know it’s a hit.