Nobody turns to the business news for entertainment. But this zippy true story recalls a rare period when the financial channels were an absolute hoot.
In January 2021, the likes of Bloomberg TV were offering hourly updates on the plunging bank balances of billionaire hedge fund managers. The story was the GameStop Short Squeeze – a financial tidal wave triggered by a nerd rebellion.
Paul Dano plays Keith Gill, aka Roaring Kitty, an insurance company worker who presents a quirky online investment show from his basement.
Keith, with the support of his wife Caroline (Shailene Woodley), has just bet the bulk of their life savings on the future of GameStop, an ailing bricks-and-mortar video game store chain.
Since it seems destined to go the way of Blockbuster Video, hedge fund managers have been ‘shorting’ the stock, in other words betting huge sums on the business failing.
Keith knows that if enough of his viewers follow his lead (and he publishes his financial records to prove his own investment), the shares’ lowly price will rocket, they will reap the rewards, and the hedge fund bosses will be in trouble.
It works. Over a few weeks, the stock shoots from $3.85 to $348. Keith’s investments rocket and, on paper, he is worth $22million. Now, it’s a battle of nerves. If Keith and his crew cash in, the price will plummet and the hedge fund managers will clear up.
Who will blink first?
Director Craig Gillespie (I, Tonya) keeps us rooting for the underdog investors, from a GameStop store worker (Anthony Ramos) and a nurse (America Ferrera) to a pair of heavily indebted students (Myha’la Herrold and Talia Ryder).
Then there are the Wall Street suits (Seth Rogen, Vincent D’Onofrio and Nick Offerman) who are watching in disbelief as Roaring Kitty reveals his claws and shreds their fortunes.
That’s a lot of characters packed into a 140-minute movie, but Gillespie manages to make this financial story tense, funny and surprisingly rousing.
Dumb Money, Cert 15, In cinemas now
