In an astonishingly swift turnaround from real-life events to cinematic adaptation, Craig Gillespie’s “Dumb Money” hit the screens in 2023, a mere two and a half years after the extraordinary GameStop bidding war concluded. Based on Ben Mezrich’s “The Antisocial Network,” the film chronicles the GameStop stock surge during the pandemic, propelled by a mass movement attempting to challenge the financial system. Against the backdrop of a global pandemic, shifting retail dynamics, and a surge in virtual communication, this conflict marked a pivotal financial moment in America.
Similar to “The Big Short,” “Dumb Money” effectively communicates the complex financial saga of the pandemic years. While the former focused on those who uncovered the housing crisis, the latter sheds light on all parties involved, portraying the forces betting against GameStop and the man leading the charge in its favor. The narrative reaches its climax with government intervention, leading to the repercussions faced by everyone involved in the debacle.
At the core of “Dumb Money” is Keith Gill (Paul Dano), a famed Redditor and YouTuber who, under the alias Roaring Kitty, shares his investment strategies, particularly promoting GameStop stock. His followers, including nurse Jenny (America Ferrera), college students Riri (Myha’la Herrold) and Harmony (Talia Ryder), and GameStop employee Marcos (Anthony Ramos), view Gill as a modern-day Robin Hood.
On the opposing side are firms anticipating GameStop’s downfall, led by Gabe Plotkin (Seth Rogen) of Melvin Capital. Forced to collaborate with Ken Griffin (Nick Offerman), CEO of Citadel LLC, Plotkin turns to the supposedly impartial trading platform, Robinhood, whose developers Vlad Tenev (Sebastian Stan) and Baiju Bhatt (Rushi Kota) yield to Griffin’s demands, halting the purchase of GameStop stock.
The climax unfolds in Congress, where a hearing reveals the dubious actions of all parties involved. The virtual hearing, fraught with technical issues, mirrors the challenges of the times. The film concludes with Gill’s followers finding financial relief, and Gill, portrayed as a modern Robin Hood, gifting his brother Kevin (Pete Davidson) a car for his essential work.
Since the resolution depicted in “Dumb Money,” real-life events have taken intriguing turns. Gill, who disappeared from the public eye in 2021, saw the shutdown of Melvin Capital. Plotkin now operates a family office called Tallwoods Capital and serves as the co-chairman of the Charlotte Hornets. Griffin continues as the CEO of Citadel LLC, facing controversy over leaked texts allegedly confirming Citadel’s order to halt GameStop stock trading.
Robinhood, the platform central to the saga, went public below expected prices and faced a record $53 million fine from the Financial Industry Regulatory Authority for platform malfunctions. In 2023, Robinhood mistakenly flagged AMC Theatres as bankrupt, leading to potential legal repercussions.
The aftermath of the events depicted in “Dumb Money” serves as a cautionary tale. The film captures the triumph of retail investors against the established financial system, a modern David and Goliath narrative that resonates in an increasingly digital world. Despite its survival, GameStop’s foray into NFT trading is met with uncertainty, emphasizing the enduring lesson – never underestimate the power of retail markets, for what may be perceived as “dumb money” can prove to be anything but foolish.
“Dumb Money” is currently available for streaming on Netflix in the U.S.
