GameStop was a struggling company when these retail investors began pushing the stock price up. Wall Street firms were betting against GameStop at the time, and the unexpected meteoric rise in the stock price put these firms in a precarious situation, costing some of them billions of dollars. It was an event the likes of which the stock market had never experienced before. (The events were also chronicled in the documentary “GameStop: Rise of the Players.”)
“It started to get very intense in that two-week period and just constant updates,” Gillespie explained. “He’d come running down and be like, ‘Elon Musk just tweeted GameStop, and the stock popped by 5%, and Mark Cuban’s commenting on it now.’ He was starting to feel the sense of the movement happening, and it escalated from 400,000 people in WallStreetBets to 8 million in eight weeks.” As things progressed, so did the gravity of the situation. His son faced the dilemma that all of these investors did: Hold the shares in the hopes the stock would continue to climb, or sell and cash out.
“As it got into that incredibly intense situation, there were always parts of the film that I relate to where we’re sitting at the dinner table and I’m like, ‘What are you going to do? Are you going to sell? What are you doing? When are you going to sell?’ All of it’s somewhat foreign to us and trying to understand the options of it and what was going on and him holding and the intensity of that last 24 hours, checking every three minutes, when to get out, what’s going on pre-market, what’s going on aftermarket.”
Source From: www.slashfilm.com
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