tl;dr - Dumb Money tries to act like it's on the side of the household investor, but the subliminal messages are simply not factual at best, and truly malicious at worst.

Dumb Money was added to Netflix this morning. I watched it. It's actually a pretty great depiction of the average stock subredditor's perspective of the Nov 2020 - Feb 2021 period, but it's really obvious that the movie was made way too early because they didn't and/or couldn't include any of the information that has been uncovered from March 2021 through today. They try to remedy some of that with some text blurbs before the credits roll, but at that point production was probably too far along to alter the actual screenplay, and they also get things wrong even in those final texts.

Incorrect info:

• The shorters are portrayed as if they were blindsided by the public interest around GameStop. The Congressional hearings and resulting documents (compiled and made public in Jan 2023) proved that they were each actively aware of the situation and operated in full collusion to knowingly commit crimes. The text right before the credits does state this, but it is not included in the movie itself at all.

• The event is continuously referred to as a squeeze despite the SEC's investigation results confirming that a short squeeze never occurred and is still imminent (SEC Oct 2021 report).

• The movie implies that the majority of GME shareholders sold after the crimes were committed. In reality, less than 10% of investors sold during the event (SEC Oct 2021 report), and nearly 0% of investors have sold since (inferred from OBV data for GME).

• The movie's before-credits text claims "[hedge] funds have dramatically reduced their short positions" despite absolutely no evidence to support that and significant evidence to refute it. The shorters successfully altered short interest reporting requirements to hide their true short positions taken against specific companies. With no investors selling GME (see previous bullet point), the only possible explanation for GME's price decline since Jan 28, 2021 is new short positions opened against GME. Across all the companies Citadel has shorted, Citadel has increased its short position investments by nearly nearly 30% in the time since the GME event.

• The movie also implies that the people who didn't sell during the event are idiots. It doesn't show any of the actual theory to support either GME's strong fundamentals or the inevitability of a GME short squeeze. If it did, then the audience would realize the people who sold were the true idiots, but they "won" because they got lucky (the true "dumb money"), and the only reason that the smart holders "lost" was because they didn't anticipate crimes would be committed against them, or that when crimes had occurred, those crimes would be pardoned by the government and regulators. The movie does portray Keith Gill's holding (and doubling down) as a positive thing, but only as a motivational story, and it still strongly implies that him continuing to hold and buy was a huge personal financial mistake.

• Although this one is less serious of an error, I think it's unforgivable that a movie wanting to make fun of big money didn't show Ken Griffin vomiting after he committed perjury during the Congressional hearing (the vomiting wasn't shown on camera during the live stream, but it's clearly audible).