Summary
- Dumb Money is a feature film based on the true story of Reddit investors who caused a short squeeze on Gamestop, resulting in significant losses for hedge fund Melvin Capital.
- The film focuses on Keith Gill, also known as u/DeepF—ingValue or Roaring Kitty, who played a major role in the movement and will be portrayed by Paul Dano. Gill’s financial analysis and likable personality made him a key figure in flipping Wall Street.
- Gill’s initial $53,000 investment in Gamestop grew to nearly $48 million, but he chose not to sell at the peak to support fellow Reddit investors. His current net worth is estimated to be $30 million, although his exact financial status is unknown.
The upcoming feature film Dumb Money is based on the true story of the Reddit group of retail investors that challenged significant hedge fund managers by forcing a short squeeze with one particular stock, Gamestop. During the pandemic lockdowns, a popular group of self-described degenerates formed an allegiance against Melvin Capital, which was formerly a very powerful and influential asset management company that took an enormous short position on Gamestop in 2020. These Redditors, who consisted of more than 10 million subscribers on r/WallStreetBets, created a power squeeze that resulted in irreparable financial losses for Melvin.
Dumb Money is set to give an accurate account of a true David v. Goliath story, highlighting some of the key players that first noticed the potential for the short squeeze that left several early investors of GameStop extremely profitable. One of these investors is known by many names depending on the channel in which you are first introduced to him; to his Reddit community, he’s known as u/DeepF—ingValue while his YouTube streamers know him better as Roaring Kitty. In reality, he’s known as Keith Gill, a humble, charming everyday family man who was largely the face of the entire movement that flipped Wall Street on its head between 2020 and 2021.
How Dumb Money’s Keith Gill Compares To The Real Roaring Kitty
Gill is portrayed by Paul Dano in Dumb Money, and from the trailer alone, seems to personify everything from Gill’s look, demeanor, intelligence, sense of humor, and real-life conditions during the short squeeze. Fans of the real-life Gill would describe him as extremely down-to-earth and likable while also being incredibly knowledgeable and convincing in his financial analysis. Dano, who is a remarkably accomplished actor who has appeared in celebrated films such as The Batman, There Will Be Blood, Prisoners, and Little Miss Sunshine, is an excellent choice to represent Gill and will do an authentic and captivating job based on his impressive cinematic track record.
Keith Gill & Reddit Broke Wall Street With GameStop Stocks
Dumb Money will focus primarily on the effects that Keith Gill and his band of Reddit “degenerates” had on executives of Melvin Capital, particularly CEO and founder Gabe Plotkin who will be portrayed by Seth Rogen. Plotkin was considered an exceptionally successful hedge fund manager who accrued a net worth of approximately $400 million at the time of the GameStop short squeeze. Gill began posting updates of his investment in 2019 to r/WallStreetBets, which began with a sizable $53,000 stake. From there, his YouTube content, along with several other prominent Redditors who did the due diligence, helped drive the common consensus that a GameStop short squeeze was inevitable.
Gill grew up in suburban Massachusetts and attended Stonehill College where he was a notable track & field athlete. He had worked for a locally based insurance company named MassMutual before the events of the Gamestop short squeeze took place. Gill became a Robin Hood type of symbol to millions of casual retail investors who basically got into investing due to a number of factors involving the pandemic lockdowns, including unemployment, government stipends, and simple boredom. Gill’s Roaring Kitty YouTube channel, which he stopped posting to in 2021, accumulated more than 550,000 followers while he was active on the site.
How Much Money Keith Gill Made From GameStop
Gill’s initial $53,000 investment in GameStop was worth nearly $48 million in stock as of January 2021, but he ultimately decided to not sell at the peak in an effort to “hold the line” for Reddit investors who followed his trailblazing path. It is estimated that Gill’s net worth is currently $30 million but the exact number remains unknown because Gill went radio silent in April 2021 only a few months after he gave testimony in a hearing held by the US House Financial Services Committee. It is widely contended by Reddit users that Gill only sold a small portion of his GameStop Stock and still remains heavily invested, although there is no confirmation of his financial status from Gill himself.
Which Dumb Money Characters Are Based On Real People
Dumb Money is also based on the book “The Antisocial Network” by Ben Mezrich, who wrote “The Accidental Billionaires” which inspired the 2010 film The Social Network. Mezrich’s book covers a number of real-life people who are adapted into Dumb Money characters outside the obvious Keith Gill (Paul Dano) and the aforementioned Gabe Plotkin (Seth Rogen). Ken Griffin, the billionaire founder and CEO of Citadel LLC, is also portrayed in Dumb Money by Nick Offerman. Citadel showed financial support for Melvin’s short position during the height of the squeeze in January 2021 with a $2 billion investment.
Other Dumb Money characters that are based on real people include Keith Gill’s wife Caroline who is portrayed by Shailene Woodley and brother Kevin played by Pete Davidson. Vincent D’Onofrio portrays hedge fund manager and owner of the New York Mets Setev Cohen and Sebastian Stan plays Vlad Tenev, the co-founder and CEO of the mobile trading app Robinhood, which was a primary vehicle for providing access for retail investors to join in on the GameStop frenzy.
What Happened To Keith Gill After GameStop
Keith Gill signed off the r/WallStreetBets community in April 2021 and has been virtually silent since. He is believed to still be living in suburban Massachusetts near Boston with his wife Caroline and daughter. He ceased all contributions to his previously historic YouTube channel and has not posted under his iconic Reddit user name since his final post. He could, however, be contributing under some other type of alias, but the r/WallStreetBets community has generally respected Gill’s privacy after making his final post the most awarded Reddit post of all time.
How GameStop’s Stock Changed Wall Street: Has It Been Replicated?
GameStop’s stock price is currently at $18.55 per share, which is significantly more than it had been prior to the short squeeze. Before January 2021, Gamestop’s share price was relatively unmoving, shifting between lows around $0.90 to highs around $4 before skyrocketing to a peak of $86.88. Over the last two and a half years, GameStop’s stock has slowly tapered, with a near 50% loss at the beginning of 2022. While GameStop’s stock and business are likely still standing only due to Gill, Reddit, and the short squeeze depicted in Dumb Money, it currently is nowhere near its all-time highs that will be on display in the upcoming film.
This story originally appeared on Screenrant
