Like all actual movies about actual occasions, this one — hosted by ABC Information Enterprise, Expertise, and Economics Correspondent Rebecca Jarvis — tells a bigger story. It is about life throughout a pandemic, when folks with time on their palms can use cellphone apps to commerce huge sums of cash from the palms of their palms.
“There are individuals who made a life’s fortune, and there are individuals who misplaced a life’s fortune due to this story,” Jarvis says.
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Her story of increase and bust begins with just a little boy.
“It is attention-grabbing to look at shares develop and watch them fall,” mentioned Jaydyn Carr, a fifth grader who made a 5,000% revenue on inventory within the online game retailer GameStop.
His mom purchased him the inventory as a Kwanzaa current earlier than it rose in value so dramatically.
“One of many largest belongings you’re going see right here is how everyone bought swept up on this,” Jarvis mentioned.
They have been swept up within the large improve that Wall Road hedge funds have been betting would fall. Within the parlance of the monetary world, they have been quick promoting GameStop.
“Once you’re shorting a inventory, you might be betting the inventory will crash,” Jarvis mentioned. “If it would not crash, you might be instantly out of cash.”
The considered stealing from the wealthy on this method was on the minds of some who used the free app Robinhood to harm the titans of Wall Road.
Newcomers have been swapping ideas in on-line boards just like the aptly named Wall Road Bets.
“That is palms down playing,” Jarvis mentioned. “This isn’t investing.”
Long run beneficial properties are sacrificed on the altar of fast cash by gamers new to the sport.
“They are not excited about 30 years from now,” Javis mentioned. “They’re excited about 30 seconds from now.”
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The end result was a possible risk to our monetary system that was so nice, on-line buying and selling within the inventory was briefly halted — and that offers this documentary its identify.
“It is known as ‘GameStopped’ as a result of there was a lot cash on the road,” Jarvis mentioned. “A lot danger taking that the sport needed to be stopped for the sake of the security of the system.”
The documentary exhibits how expertise and social media mixed through the pandemic to create a really scary scenario, and it’s one that may occur once more. As billionaire Mark Cuban says on the present, “That is solely the start.”
“GameStopped” is at present streaming now on Hulu, owned by the identical father or mother firm as this ABC station.
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