In 2021, Wall Street was knocked for a loop when an informal group of ordinary investors drove up the stock price for video game retailer GameStop.
The story of the GameStop short squeeze has subsequently been examined in multiple documentaries. And in 2023, Dumb Money dramatized what happened as in a feature film.
While the documentaries may offer a deeper explanation about what happened, Dumb Money brings the story to life with a great blend of comedy and drama.
Now that the film has arrived on Hulu, Watch With Us is sharing three reasons why you should watch Dumb Money.
‘Dumb Money’ Has an Exceptional Cast
The biggest strength that Dumb Money has is that nearly all of the major and minor roles are filled by established stars. Paul Dano has perhaps the most important part as Keith Gill, the man whose YouTube videos sparked the surge of support for GameStop stocks. He was joined in the film by Pete Davidson, America Ferrera, Seth Rogen, Nick Offerman, Shailene Woodley, Sebastian Stan, Vincent D’Onofrio and more.
Because of COVID-19 restrictions that were in place when Dumb Money was filmed, most of the cast members never appeared with each other. But since the story of the GameStop stock squeeze wasn’t limited to any single individual, the movie still works even when many of the characters don’t actually interact in person. If anything, that seems like a more realistic way to portray what really happened.
It’s a True Story, for the Most Part
It would take too long to explain all of the financial jargon behind the GameStop short squeeze for this post, especially since Dumb Money does such a great job of laying it all out in the film. The short version is that Gill and other investors noticed that GameStop stock was being targeted by investment firms and rich traders who bet against the company’s fortunes. They borrowed GameStop stock at high volumes with the expectation of paying off the stock after the price dramatically dropped.
Because Gill and his followers drove up the stock price astronomically, many of the investors couldn’t cover their debt to pay for their borrowed GameStop stock. That happens in the movie much like it did in real life. However, Dumb Money does add a certain degree of dramatic license to the way these events played out. It may not qualify as a history lesson, but it’s close enough to reality.
For Once, Normal Investors Beat Wall Street
Perhaps the most appealing aspect of Dumb Money and its various characters is that for once, the normal investors beat the fat cats on Wall Street at their own game. That was a life-changing event for some people. Unfortunately, Wall Street is a game that seems to be tilted towards the wealthy, and that didn’t change because of anything that happened in this story. If anything, the stock market seems to be more guarded against any repeats of the GameStop short squeeze.
Regardless, Dumb Money is very entertaining with its depiction of the short squeeze and the people behind it. As much as we would have liked a happier ending for everyone, that wouldn’t reflect the reality of what occurred. But it’s enough that at least some of the GameStop investors got to reap the rewards of what they gained.
Dumb Money is streaming on Hulu.