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Home»Movies»FACT CHECK: Is Dumb Money Based on a True Story?
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FACT CHECK: Is Dumb Money Based on a True Story?

A scene straight out of a movie: Checking the connection with the reality of Dumb Money!
Anjali YadavBy Anjali YadavSeptember 23, 2023Updated:November 5, 2023No Comments4 Mins Read144 Views
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FACT CHECK: Is Dumb Money Based on a True Story?
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Sometimes people encounter such events and incidents that make them think about the fictional world of movies. The recently released movie, Dumb Money, is a tale that is anything but ordinary.

In the enchanting world of Hollywood, where dreams are whirled into reality, and celluloid heroes reign supreme, one question lingers: Is “Dumb Money,” the blockbuster sensation, truly based on a true story?

So, grab your popcorn and your magnifying glass because we’re about to venture on a truth-seeking mission. We will discover the truth about the movie’s inspiration. Is it imagination or reality? Let’s find out.

Released on September 15, 2023, the directorial masterpiece, โ€œDumb Money,โ€ is earning seemingly positive ratings and responses from viewers around the world. But the movie has its roots connected to the reality of the Reddit GameStop incident in 2021. The incident is connected to a group of rag-tag investors coming together on the Reddit platform, r/WallStreetBets. These investors worked jointly to enact a financial coup against at least two hedge funds that had a bet on the deterioration of GameStop’s stock.

What Is the Plot of the โ€œDumb Moneyโ€ Movie?

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A post shared by Dumb Money (@dumbmoneymovie)

Dumb Money was released on September 15, 2023, under the distribution of Sony Pictures Releasing in the United States. The global release of the movie is scheduled for September 29, 2023.

The picture is an American biographical comedy-drama film which is directed by Craig Gillespie. Lauren Schuker Blum and Rebecca Angelo worked on the screenplay section, while the inspiration is taken from Ben Mezrich’s 2021 book, โ€œThe Antisocial Network.โ€

The film offers a compelling narrative of the remarkable GameStop short squeeze that took place in January 2021. The star cast of the movie includes Paul Dano, Pete Davidson, Vincent D’Onofrio, America Ferrera, Nick Offerman, Anthony Ramos, Sebastian Stan, Shailene Woodley, and Seth Rogen.

The picture starts with Keith Gill, who is also known as Roaring Kitty, a relatively obscure figure in the world of Reddit’s wallstreetbets community. His rise to fame started when he produced a short squeeze against GameStop. This one move was enough to shake the financial world.

These major hedge funds will lead his journey towards profit from the misfortune of companies by basically betting on their failure. This one step can lead to job losses and financial turmoil.

However, Gill somehow persuaded all his followers to buy GameStop stock, resulting in its value skyrocketing far beyond its initial low cost. As a result, Gill became a multi-millionaire but only on paper and still holding the stock. The sudden change sends shockwaves through the billionaire ranks around the world.

The chaos further intensified, leading to a controversial collaboration between the trading platform Robinhood and a hedge fund owner. It also affected the trading stock of GameStop and even triggered a series of Congressional investigations.

Prominent figures in the investment industry were left wondering how the ‘dumb money’ could have delivered such a massive blow to the financial elite, costing them billions in the process.

You canโ€™t make this $hit up. ๐Ÿš€๐Ÿ’ฐ Get invested in the insane true story that shocked the world. Watch the #DumbMoneyMovie trailer now! Coming exclusively to movie theaters September 22. pic.twitter.com/GwdRsI675R

— Dumb Money (@DumbMoneyMovie) June 22, 2023

Is Dumb Money Based on a True Story?

This is considered โ€œSmart Moneyโ€

Meanwhile Corp media coined the term #DumbMoney

In order to categorize $AMC $GME Ape & ppl trying to expose seedy #StockMarket attempts to bankrupt US Companies that create local jobs & MILLIONS enjoyโ€ฆ๐Ÿค” https://t.co/r3Jm6eoijh pic.twitter.com/Gcow7xy4JH

— AroundMyCitys (@AroundMyCitys) September 21, 2023

Was just walking the dog after being back from seeing #DumbMoney and all I can think about was how packed the early screening was ๐Ÿ‘ and after it could hear folk shocked that it was based on true events that are still on going ๐Ÿฆ๐Ÿฆ#GameStop #gme ๐Ÿ•น๏ธ#amc #odeon ๐Ÿฟ#AMCGORILLAZ ๐Ÿ™Œ pic.twitter.com/qc1z3pix8L

— Adammm Harkinnn ๐Ÿ•๐Ÿฟ ! (@Adomeharkin) September 21, 2023

There are so many movies influenced by any true life event, such as โ€œ50 First Datesโ€. In the series of such movies, โ€œDumb Moneyโ€ is the new name. It is based on the real-life ‘Reddit GameStop’ incident of 2021, which involved GameStop (GME) and the surge in its stock price.

In January 2021, a group of investors from Reddit’s r/WallStreetBets community coordinated and bought GMEโ€™s stocks. While GMEโ€™s stock drove up to 600%,ย  the other firms that bet on GMEโ€™s stock faced a massive loss. The event showcased the capacity of social media and retail investors. This further influenced the finance landscape to reshape and promote reform debates.

Those who watched the movie and were unaware of the background found themselves surprised by the reality check. Indeed, such events do seem like scenes straight out of a fictional flick!

LFG DUMB MONEY WAS AWESOME!!!!๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€#DumbMoneyMovie @benmezrich pic.twitter.com/GrQS1sM5dG

— Stonks! ๐Ÿš€ (@StonksOnTheMoon) September 14, 2023

AMC's millions of shareholders are going to find the new movie Dumb Money opening September 15 to be utterly fascinating. Sony and Columbia Pictures have set out to showcase the increasing stature and power of the retail investor — through the lens of the extraordinary tradingโ€ฆ pic.twitter.com/xHYI7rHwJw

— Adam Aron (@CEOAdam) September 12, 2023

What are your thoughts on such massive ploys in the financial world? Let us know in the comments section.

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Anjali Yadav - Author at Averagebeing.com
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Embarking on a journey that originated from crafting stories for school magazines and gradually led to producing content. Anjali's passion for writing has experienced continuous growth. Functioning as a writer since 2019, she initially engaged in creating fictional narratives for fan pages, eventually transitioning her focus towards pop culture. This expedition encompassed a wide array of niches, allowing her to amass extensive knowledge across different subjects. Currently, Anjali dedicates herself to honing her skills with the goal of becoming an adaptable content creator. Her aspirations extend to the creation of intricate literary worlds within the pages of books. In addition to her profound fondness for books, Anjali finds solace in the realm of paintingโ€”a creative outlet that seamlessly complements her expressive rhythm. She takes pleasure in jotting down her ideas on blank sheets, using them as a canvas to infuse her thoughts with meaning. With a deliberate approach to crafting words, Anjali aims to share wisdom and insights that enrich the lives of others. This unique fusion of artistic and literary pursuits grants her a fresh and profound perspective, guiding her thoughts and actions. Anjali's insatiable curiosity fuels her ongoing quest for new skills and knowledge, aligning perfectly with her role as a perceptive thinker as she strives to contribute to a more joyful world. She works hardest while providing any information to her readers while making sure they can have fun reading the stories.

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