MSNBC Films, NBC News Studios, and ZCDC Films will premiere “Diamond Hands: The Legend of WallStreetBets” Sunday, May 15 at 10 p.m. EDT on MSNBC.
What To Know: The documentary launch comes more than a year after retail traders on online forums like WallStreetBets clashed with famed fundamentalists like Citron Research.
So-called meme stocks — distressed companies hard hit by the pandemic — like GameStop Corporation (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC) experienced meteoric price rises that climaxed when numerous brokers limited trade.
Since then, there have been investigations into the forces behind the rise and fall of these stocks, which hurt investors and liquidity providers on both sides of the market.
Benzinga, which was one of the first to report on the events that transpired, is credited with helping attract attention to the issue at its earliest stages due to its live YouTube interviews with Andrew Left of Citron just before GameStop’s parabolic blow-off.
Also Read: A Short Seller Joins Benzinga’s ‘Power Hour’ To Talk GameStop. The Rest Is History.
Why It Matters: Financial sustainability is a major threat.
This film, which was directed by Zack Canepari and Drea Cooper, shines a light on the motivation of market participants both small and large, and the riches lost and made.
Participants, especially those that are not well-capitalized, seldom trust financial and government institutions for advice. Many see markets as broken, leaving them disadvantaged.
In expressing their worldview and demand for change, they place bets that, taken together, move markets and have implications for the structure of markets and the policies that govern them.
“This film gives a front-row seat to the younger generation’s worldview and their attempt to change financial institutions they feel were never meant for them,” said Amanda Spain, vice president of Longform Acquisitions, MSNBC Films, in a statement.
The film will be available to stream on Peacock on May 16.