The media world is salivating over the “Reddit rally.”
As Hollywood moves to write the screenplay, Big Apple book publishers are scrambling to sign authors to cover the bizarre trading phenomenon, sources said.
At least three proposals are circulating for book deals on how cheap stocks like GameStop added billions to their market valuations overnight in a trading frenzy fueled by small investors hoping to make money while giving the middle finger to Wall Street.
While it’s unclear whether any publisher has yet inked a deal, several journalists are being courted, source said, including Nathaniel Popper, the New York Times reporter who wrote “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money,” published by HarperCollins; the Wall Street Journal team of Julia-Ambra Verlaine and Gunjan Banerji, who scored the first exclusive with Keith Gill, the Reddit trader known as “DeepF–kingValue” who led an army of average Joes to drive up the price of GameStop; and Brandon Kochkodin, a Bloomberg editor who told how small investors used Reddit forum WallStreetBets and no-fee apps like Robinhood to inspire a market-moving stampede that caught Wall Street off-guard — losing smart-money investors billions in the process.
On Thursday it emerged that Jaime Rogozinski, the founder of WallStreetBets, has sold his life story to director Brett Ratner’s film production company as Hollywood also scrambles to tell this fascinating tale, which is still playing out as GameStop’s shares dropped 42 percent Thursday to close at $53.50, and are now down 89 percent from their all-time high last week of $483.