A community Eat the Rich: The GameStop Saga of amateur traders enacts a daring plan to get rich quick and wreak havoc on the stock market. But can they beat Wall Street at its own game?
Eat The Rich: The GameStop Saga is a 3-part docuseries, directed by Theo Love, that takes a funny look at all of the factors that pumped the stock of GameStop, the failing brick-and-mortar video game store to stratospheric heights in the early months of 2021. Yes, it’s been almost 2 years since most of that went down, but what happened to GameStop may be a glimpse of how people will invest in the near future.
EAT THE RICH: THE GAMESTOP SAGA: STREAM IT OR SKIP IT?
Opening Shot: A green line representing a stock price turns into an EKG line. Then we hear the voice of Jim Cramer talking about how he was laid up after back surgery when the buzz about GameStop started.
The Gist: Through interviews with hedge fund managers, pundits like Cramer and a number of retail investors that found out about the stock from a Reddit group called WallStreetBets and a YouTuber nicknamed “Roaring Kitty”, combined with various screenshots of memes and other online discourse, the story of how GameStop went from being traded at $5/share and short sold by every major hedge fund to being worth hundreds of dollars per share in a matter of weeks.
Like in the Hulu doc GameStopped, Love takes time to explain just what short sales are, which have to do with hedge funds borrowing shares and selling them at discounted prices, hoping the stock falls enough that they can buy the shares back at a lower price and make a profit. GameStop, which was suffering as a business for years, was a major short sell candidate. That is, until Chewy co-founder Ryan Cohen started buying up shares in an attempt to turn the company around.
Then WallStreetBets and Roaring Kitty got wind of it, which set off an organized buying frenzy from retail investors, via the fee-free app Robinhood. The reasons behind the buying spree were to make money, sure, but it didn’t hurt that it put big firms like Citadel, Point72 and Melvin Capital in a position called a “short squeeze,” where they’re forced to buy stock at higher prices in order to stem losses.
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