Warning: Contains SPOILERS for Dumb Money!
Summary
- Dumb Money concludes satisfactorily, shedding light on Keith Gill and GameStop's aftermath. The movie centers on the rise of GameStop's stock price and Keith's role in the David vs. Goliath story.
- Keith Gill did not sell his GameStop stocks before the Congressional Hearing, enduring significant losses. The movie suggests he considered selling but ends with him buying more, proving to be a wise move as the stock price tripled afterward.
- The Congressional Hearing depicted in Dumb Money involved key figures like Keith Gill and CEOs of Melvin Capital, Citadel, and Robinhood. Lawsuits against Citadel and Robinhood were dismissed, and reforms were recommended to avoid a repeat of GameStop's stock frenzy.
The story of Dumb Money comes to a mostly satisfying conclusion by the movie's ending, which sheds light on what happened to Keith Gill and the fallout of GameStop's stocks. The entirety of Craig Gillespie's 2023 movie focused on the meteoric rise of GameStop's stock price that occurred in late 2020 and early 2021. Paul Dano's Keith Gill a.k.a. Roaring Kitty is at the center of the David vs. Goliath-style story, as retail investors begin a short squeeze against the hedge funds that bet against GameStop. The riveting adaptation of Dumb Money's true story builds to Keith facing off with the hedge funds at a Congressional Hearing.
The majority of Dumb Money's ending is spent focusing on the events leading up to and preceding the Congressional Hearing that took place on February 18, 2021, to discuss GameStop with the House Committee on Financial Services. This included Keith practicing what he was going to say during the hearing, including his now famous "I like the stock" statement that had another major ripple effect on the price. There are a lot of moving pieces and characters involved in the story that only have a short amount of screen time to wrap up, though, before Dumb Money delivers some on-screen text revealing what happened after.
Did Keith Gill Sell His GameStop Stocks?
One of the biggest questions for the Dumb Money characters throughout the ending is whether Keith Gill sold his GameStop shares. He did not sell the stock before the Congressional Hearing, as he endured losing $30 million in two days after the price dropped dramatically when Robinhood stopped allowing users to buy more shares. The final scene of Dumb Money shows Keith contemplating selling his stocks after the hearing. This would have allowed him to make tens of millions of dollars, which would be a huge win after his initial investments. While Keith Gill might have considered selling, Dumb Money ends with him buying more.
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The decision for Keith Gill to not only hold his stocks but buy even more proved to be the smart move. GameStop's stock price tripled a week after the Congressional Hearing and Keith said he still liked the stock. It is not officially known if Keith Gill decided to sell his shares after this point, as he has not confirmed his current position. However, it is believed that he is still holding the stock with those diamond hands, as Reddit would say. Dumb Money notes that Keith Gill's current net worth is $34 million, but it could have been as much as $50 million when the price of GameStop's stocks was at the highest point.
Dumb Money's Congressional Hearing: Who Was Involved & What Happened After
The Congressional Hearing depicted in Dumb Money briefly shows the events of what happened in real life. It featured Keith Gill, Melvin Capital CEO Gabe Plotkin (Seth Rogen), Citadel CEO Ken Griffin (Nick Offerman), and Robinhood CEO Vlad Tenev (Sebastian Stan). Each of them testified before the House Committee on Financial Services to discuss their roles in the GameStop stock crisis. The only major person missing from the movie's version of the hearing is Reddit CEO Steve Huffman. The goal of the hearing was for lawmakers to try and figure out how GameStop's stock soared and if there was any way to prevent it from happening again or protect investors from market manipulation.
The specific Congressional Hearing shown in Dumb Money was the first of many in reality, but it still proved to be critical. Ken Griffin stated that Citadel and Robinhood had no communication about trading restrictions. Some internal communications from Robinhood showed on their end at least attempts to talk [as reported by Vice]. Lawsuits against both companies revolving around collusion were ultimately dismissed by a judge in November 2021. The Committee on Financial Services eventually concluded in June 2022 that legislative and regulatory reform was needed to ensure GameStop's stock frenzy was not repeated, but no significant action has happened since.
How Much Each Dumb Money Character Made Or Lost From GameStop
Dumb Money uses several scenes near the end to highlight the new net worths of the various people who made or lost money from GameStop. This includes the estimate that Keith Gill's net worth is $34 million, which represents a $33.9 million increase from the initial figure presented by the movie. The movie does not reveal the new net worths of Gabe Plotkin, Steve Cohen, Ken Griffin, or Vlad Tenev. Plotkin, Cohen, and Griffin are estimated to have similar or higher net worths despite losing money on GameStop. Tenev's $1 billion net worth drastically declined due to what happened to Robinhood after the movie.
The majority of other retail investors featured in Dumb Money also managed to make a good deal of money. Marcus Barcia finishes the movie with a net worth of $181K after selling half his shares and only having a $136 net worth at the beginning. Harmony and Riri go from having net worths of more than -$100K to each being worth more than $100K. Jenny Campbell's net worth begins at -$45K and ends at -$13K as she never sold her GameStop stock.
Why Did Keith Gill Stop Posting Online?
Dumb Money includes the detail in the end that Keith Gill stopped posting videos online over two years ago. He uploaded his final video on the Roaring Kitty YouTube channel on April 16, 2021, simply tilting it "Cheers everyone!" Despite making comments at the beginning of the video about another live-stream happening in the future, Keith Gill has not uploaded another video since then. He has gone entirely offline during this period, leaving the reason for his sudden disappearance unknown. It has been speculated that he stopped posting videos because he sold his shares and retired, but that is not confirmed.
What Happened To GameStop After Dumb Money's Short Squeeze?
The effects of the short squeeze and GameStop's volatile stock price played a part in some changes coming to the company after the events of Dumb Money. Ryan Cohen, who joined the board in early 2021 and played a part in the stock price rise, became the company's chairman in June 2021. This included him naming a new CEO in former Amazon executive Matt Furlong, but he was relieved of his role in June 2023 and replaced by Cohen. GameStop continues to operate around the world, although there are less than 3,000 stores still open in America after more closings. It also still operates at a fiscal loss each year.
The GameStop stock is still performing much better than it was when Keith Gill first began investing in it. Each share was worth only a few dollars throughout most of 2019 and 2020 before it reached its all-time high in January 2021. This saw GameStop's stocks become worth as much as $483 per share on January 28, 2021. Fast-forward a few years to when Dumb Money is streaming after its theatrical release and GameStop trades for between $15-$20 regularly.
What Happened To Robinhood After Dumb Money
Robinhood's story ends in a tough spot with Dumb Money, and the outlook of the company and its leadership did not get much better afterward. Robinhood received a $57 million fine from the Financial Industry Regulatory Authority (FINRA) in June 2021. The company then went public on July 31, 2021, with a stock price of $38 per share, and it eventually rose to a high of $85 per share. The stock price has dipped substantially since then, as it trades for around $10 when Dumb Money releases. Robinhood has also experienced various layoffs, additional fines, and more controversies, but over 10 million people still use it monthly.
Did WallStreetBets Begin Any Other Short Squeeze's After GameStop?
The GameStop short squeeze and the role that r/WallStreetBets played in creating the meme stock did have a wider effect on Wall Street. GameStop was not the only short squeeze the retail investors helped trigger, as AMC and Bed Bath & Beyond were two of the other biggest examples. At the time that GameStop's short squeeze was happening, AMC was among the many other stocks that had been heavily shorted to see a substantial increase. The price rose as high as $230 per share in June 2021, but it has fallen back down to being priced nearly as low as before GameStop. Bed Bath & Beyond rose to $35 in January 2021 but now is worth less than $1 per share.
The Real Meaning Of Dumb Money's Ending Explained
The real meaning of Dumb Money is rather straightforward, as the movie is the ultimate David vs. Goliath story in finance. The movie is all about showing the power of the people and how even the "little guys" can win when they work together. This takes a great amount of courage and belief to go against conventional wisdom, especially when the potential reward could outweigh the financial risks. Director Craig Gillespie and writers Lauren Schuker Blum and Rebecca Angelo certainly hone in on these elements and highlight how broken America's financial system is through the movie, which helps make Dumb Money a crowd-pleasing event.
