Back in January 2021, GameStop’s stock price skyrocketed when Reddit trolls went to war against old-school investors after the latter bet on the company’s failure. 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.
At the start of the year, GameStop’s stock was trading for under $20 (US$28), and the brick-and-mortar retail chain it was affiliated with was in dire need of a plan B. Selling the stock — practically a bet that the company was overvalued and about to implode — a strange thing happened: the stock price more than tripled, touching just over $73 (US$101) on January 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. Eventually, too many rich people got screwed, so stock trading apps like Robinhood prevented users from buying more GameStop assets and it all turned into a horrible mess, a perfect example of 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 was doing six months ago…) and now we have this trailer for what’s to come Eat the Rich: The GameStop Saga.
Boy the Stock Bros and Redditors really, really hate it.
Over on r/SuperStonk — the premier GameStop subreddit for creating stock theories (yes, it’s a real thing) — you’ll find numerous highly rated and popular posts declaring that the document is a “poor representation” of retail investors is, with many asking anyone who will be listening to cancel 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 because of unreleased documentation.
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 soundbite from the trailer of an unreleased movie to know it’s a hit.