‘People shouldn’t decide how to invest based on movies’: Hollywood blockbuster inspires new ASIC campaign

ASIC has launched a new consumer awareness campaign today on the back of the release of a new Hollywood film.

The biographical-comedy, Dumb Money – which hits Australian cinemas today and stars big names like Paul Dano, Seth Rogen, Shailene Woodley and Pete Davidson – follows the 2021 GameStop short squeeze. At that time, retail investors used social media to “short squeeze” the NYSE-listed GameStop to counteract short positions held by hedge funds. This resulted in GameStop’s share price grow by 2,000% in in January of that year, before most of these gains were lost the next month.