 Book cover | |
| Author | Ben Mezrich |
|---|---|
| Country | United States |
| Language | English |
| Genre | Non-fiction |
| Publisher | Grand Central Publishing |
Publication date | September 7, 2021 |
| Pages | 304 |
| ISBN | 9781538707555 |
The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees (or simply The Antisocial Network) is a 2021 non-fiction book by Ben Mezrich about the GameStop short squeeze.
The 2023 film Dumb Money is based on the book.
The book covers the events of the GameStop short squeeze, which saw the collapse of Melvin Capital as users of r/wallstreetbets and other retail traders initiated a short squeeze on stocks like GameStop, AMC and Bed, Bath & Beyond.
It was published by Grand Central Publishing in the United States on September 7, 2021. [1] [2] HarperCollins published the book in the United Kingdom on September 16, 2021. [3]
The book had a mixed critical reception. Many critics including Publishers Weekly praised the book's pacing and exciting narrative, [4] [5] [6] while other critics felt it sensationalized the events depicted. Giri Nathan of The New York Times criticized Mezrich's use of artistic license in recounting the events of the book. [7] Kirkus Reviews described it as "touch long and wobbly but just the thing for alt-finance geeks". [8]
Metro-Goldwyn-Mayer acquired the rights to Mezrich's book proposal prior to its publication. [9] The film, titled Dumb Money, was directed by Craig Gillespie. It was released in the United States on September 22, 2023. [10]
In the stock market, a short squeeze is a rapid increase in the price of a stock owing primarily to an excess of short selling of a stock rather than underlying fundamentals. A short squeeze occurs when demand has increased relative to supply because short sellers have to buy stock to cover their short positions.
Ben Mezrich is an American author.
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Keith Patrick Gill is an American financial analyst and investor known for his posts on the subreddit r/wallstreetbets. His analyses of GameStop stock, and details of his resulting investment gains—posted on Reddit under the username DeepFuckingValue (DFV) and on YouTube and Twitter as Roaring Kitty—were cited as a driving factor in the GameStop short squeeze of January 2021, and as a spark for the subsequent trading frenzy in retail stocks. The rising stock value allowed Gill to turn a US$53,000 investment into one worth close to $50 million.
In January 2021, a short squeeze of the stock of the American video game retailer GameStop and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. At its height, on January 28, the short squeeze caused the retailer's stock price to reach a pre-market value of over US$500 per share, nearly 30 times the $17.25 valuation at the beginning of the month. The price of many other heavily shorted securities and cryptocurrencies also increased.
A meme stock is a stock that gains popularity among retail investors through social media. The popularity of meme stocks is generally based on internet memes shared among traders, on platforms such as Reddit's r/wallstreetbets. Investors in such stocks are often young and inexperienced investors. As a result of their popularity, meme stocks often trade at prices that are above their estimated value – as based on fundamental analysis, and are known for being extremely speculative and volatile.
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Dumb Money is a 2023 American biographical comedy-drama film directed by Craig Gillespie and written by Lauren Schuker Blum and Rebecca Angelo. It is based on the 2021 book The Antisocial Network by Ben Mezrich and chronicles the GameStop short squeeze of January 2021. The film features an ensemble cast that includes Paul Dano, Pete Davidson, Vincent D'Onofrio, America Ferrera, Nick Offerman, Anthony Ramos, Sebastian Stan, Shailene Woodley, and Seth Rogen.