This animated .gif consists of a few frames from the 2010 movie Sharktopus. According to Wikipedia, the movie features a half-shark, half-octopus creature commissioned by the U.S. Navy that escapes its creators to attack beach-goers in Puerto Vallarta. There’s a short poor-quality clip on YouTube featuring the bungee-jumping scene from which this .gif was excerpted. A few more Sharktopus .gifs may be seen in this Tumblr post.
Image provenance by Bacchus at Erosblog.