It was December of 2021. I had COVID and was on the verge of being officially diagnosed with prostate cancer. Things were pretty bad and suddenly got worse: I noticed Fire Gasparino trending on Twitter not because I had made up a story, or defamed someone.
My sin was reporting, continuously and accurately, that an investment cult had formed around the stock of the troubled movie theater chain known as AMC, pushing its shares well above where they should be. And like most cults, this one wouldnt end well.
The abuse lasted through Christmas. I guess I could have wilted and joined some of my colleagues in heralding the small investor-led movement around the stock as something biblical. David slays Goliath.
I didnt and kept reporting the story behind one of the most absurd and now costly stock pumps in recent history.
These days, Im glad I did.
Yes, I survived COVID, my cancer diagnosis and getting vilified by a Twitter mob just fine. In fact better than fine because of what happened next: The stock imploded as I reported it would. AMC was burning loads of cash, heading for bankruptcy or massive dilution to raise much-needed capital, neither good for shareholders.
Shares are down 95% since December 2021. About 10 days ago, the stocks crash and burn was complete as the company took concrete steps toward the issuance of a ton of new shares (aka diluting existing shareholders) and stay out of bankruptcy. Were it not for a bit of financial alchemy in a 10-for-1 reverse stock split, AMCs stock price would be reading just above $1.
Im not taking joy in people losing money but in people saving some. Anyone who followed my reporting on AMC saved themselves some real money. Those who followed cultists, the self-described AMC Apes or the cheerleading pseudo-journalists are paying the price.
Phil Graham, the brilliant but troubled former publisher of The Washington Post, came up with the truism about the profession of journalism as being the first rough draft of history. That was back in the early 1960s before he killed himself in a fit of depression.
I wonder what Phil Graham would call what goes down on the rebranded Twitter site X or any of the other instantaneous social-media feedback loops that are now competing with real reporting. A really, really, really rough draft of history?
Social media is great in so many ways. Yes, its a draft of history, even if its really rough, and that often serves a purpose through the exchange of ideas to make an informed judgment. Its also an outlet for people desperately searching for purpose, and while theyre at it, indulging in their worst instincts and behaviors. Its a breeding ground for the cult.
How cults are created is an age-old question. The result is deadly and near deadly stuff like Jonestown and Pizzagate and the financially deadly stuff that surrounded the stock of AMC. The weird notion that a cabal of greedy hedge funds, hell-bent on destroying the nations largest movie theater chain, were shorting the stock (betting its price would collapse) in dark corners of Wall Street does seem appealing.
That average people could buy this stock, and destroy a bunch of nasty hedge funds while becoming rich, even more so.
Just one problem: Nothing close to what the cult was blathering about was true. The evidence of this scheme thrown around Twitter or the Reddit message boards was of the wackadoo variety. And If you dared question the illogic, as I did, be prepared for harassment like youve never seen before.
The power of social media is intense and crazy, of course, and it made this cult particularly nasty and resilient over the past two-plus years. That is until the hammer finally fell just days ago and the AMC cult ended like they all do in disaster.
Essential weekly read to fuel business lunches.
Please provide a valid email address.
By clicking above you agree to the Terms of Use and Privacy Policy.
Thanks for signing up!
Never miss a story.
Its a shame more reporters didnt call this out. It was so obvious based on what you can find on a balance sheet. Short sellers made hundreds of millions of dollars in August because AMCs finances included massive cash burn, lots of debt and movie attendance that due to streaming hasnt returned to pre-pandemic levels.
CEO Adam Aron, not exactly a short seller, recently explained AMCssituation in a call withanalysts. Business is getting better Barbenheimer was a box office hit; a Taylor Swift film coming to AMC theaters in October is crushing it in pre-sales. But he said that if he cant raise money by selling more stock, Chapter 11 is almost inevitable. He recently beat back an Ape-inspired lawsuit challenging his dilution plan, because they believe AMC is really doing just fine and doesnt need the money.
It does, of course, and the coming dilution is why AMC, for now, and maybe for the foreseeable future, is still in business, even as its stock is battered and bruised.
Some of the Apes are still HODL (holding on for dear life, in the lingua franca of the cult), and still attacking those they see as backing the evil hedge funds. Thats scary.
Even more scary: Far too many reporters over the past three years sought the cults approval because it feels good to be applauded on social media. It also helps you build your followers, which is also idiotically important to reporters these days.
They are truly sellouts to the profession, because they should know, based on the history, cults never end well.
Sean “Diddy” Combs has been sentenced to more than four years in prison over prostitution charges relating to his former girlfriends and male sex workers.
Judge Arun Subramanian handed down his 50-month sentence – including a $500,000 fine – at the end of a long and emotional full-day hearing, which saw the hip-hop mogul speak out for the first time in court.
Combs, 55, admitted his past behaviour was “disgusting, shameful and sick”, and apologised personally to Cassie Ventura and “Jane”, another former girlfriend who testified anonymously during the trial.
Image: Sean Diddy Combs broke down and cried at one point during the sentencing hearing. Pic: AP/ Elizabeth Williams
But despite his plea for “mercy” and expressions of remorse, the judge told him he had abused his “power and control” with women he professed to love – and rejected the defence’s characterisation that “freak off” sexual encounters were consensual experiences, that his was just a “sex, drugs and rock’n’roll story”.
Addressing Cassie and “the other brave survivors who came forward”, the judge said. “We heard you… I can only say your families are proud of you and your children will be proud of you.
“You weren’t just talking to the jury you were talking to the women who feel powerless – you gave them a voice, you stood up to power, it’s not easy.”
Combs showed no visible change of emotion as his sentence was delivered, looking straight ahead as the judge spoke. Afterwards, he seemed subdued – with no sign of the enthusiasm or feeling showed earlier in the day.
Image: Six of Combs’s children, including Chance, right, and twins Jessie and D’Lila Star, addressed the judge in support of their father. Pic: AP/Richard Drew
Ahead of his own speech, the court heard from six of his seven children – causing the rapper to break down in tears as they spoke about how much they loved him, how he has changed, and how much they and their younger two-year-old sister need him.
The sentencing brings to an end a sordid case that featured harrowing testimony – not just from Cassie and Jane, but also from former employees and associates of Combs.
He was convicted in July of flying people around the US and abroad for sexual encounters, including his then girlfriends and male sex workers, in violation of prostitution laws.
However, he was cleared of more serious charges of racketeering conspiracy and sex-trafficking that could have put him in jail for life.
‘I hate myself right now’
Image: Diddy cried as his children read impact statements. Pic: Reuters/Jane Rosenberg
He expanded on this in court, saying he wanted to “personally apologise” to Cassie for “any harm” he caused her “emotionally or physically”, and to Jane – and all victims of domestic violence.
He told the court he got “lost in my excess and lost in my ego”, but since his time in prison he has been “humbled and broken to my core”.
Combs continued: “I hate myself right now… I am truly sorry for it all.”
Image: Janice Combs supported her son in court. Pic: AP Photo/Eduardo Munoz Alvarez
Once one of the most influential hip-hop producers of the 1990s and 2000s – the founder of Bad Boy Records and a Grammy-winning artist in his own right – he has led a very different life since his high-profile arrest.
He was facing a maximum of 20 years in prison for the prostitution-related charges, so the sentence is towards the lower end of the scale.
Prosecutors had argued he should spend at least 11 years behind bars, while Combs’s lawyers were calling for him to be freed almost immediately due to time already served since his arrest just over a year ago.
Christy Slavik, for the prosecution, told the judge sparing the rapper serious prison time would excuse years of violence.
‘Make the most of that second chance’
Image: Judge Arun Subramanian told Combs he will still have a life after prison if he takes his second chance. Pic: Elizabeth Williams via AP
The judge, who had rejected bail for the rapper several times before sentencing, told him that he would get through his time in prison. It will be hard, he said, but he will still “have a life afterwards”.
Combs has “a chance for renewal and redemption”, he added. “What went wrong can be made right… I am counting on you to make the most of that second chance.”
Outside the courthouse, journalists and onlookers swarmed the pavements as TV crews stood in a long row across the street, echoing scenes from the two-month high-profile trial.
It included four days of testimony from Cassie, now Cassie Ventura Fine, who told the court she was coerced and sometimes blackmailed into sexual encounters with male sex workers, referred to as “freak offs”.
Cassie responds
Image: Diddy and Cassie at the premiere for a film she starred in, just days after the 2016 hotel incident. Pic: zz/Galaxy/STAR MAX/IPx/ AP
Jurors were also shown video clips of Combs dragging and beating her in a Los Angeles hotel hallway after one of those sessions in 2016.
Combs referred to this in court, saying it was a “heavy burden” that he will forever carry, and that he was “sick from drugs” and “out of control” at the time, “lost in my excess and lost in my ego”.
Ahead of the sentencing, Cassie also submitted a letter to the judge, calling Combs a “manipulator” and saying she would fear for her safety should he be immediately released.
Responding to the sentence, her lawyers Douglas Wigdor and Meredith Firetog (Wigdor LLP), said: “While nothing can undo the trauma caused by Combs, the sentence imposed today recognises the impact of the serious offences he committed.
“We are confident that with the support of her family and friends, Ms Ventura will continue healing knowing that her bravery and fortitude have been an inspiration to so many.”
Sean “Diddy” Combs has been sentenced to more than four years in prison over prostitution charges relating to his former girlfriends and male sex workers.
Judge Arun Subramanian handed down his 50-month sentence – including a $500,000 fine – at the end of a long and emotional full-day hearing, which saw the hip-hop mogul speak out for the first time in court.
Combs, 55, admitted his past behaviour was “disgusting, shameful and sick”, and apologised personally to Cassie Ventura and “Jane”, another former girlfriend who testified anonymously during the trial.
Image: Sean Diddy Combs broke down and cried at one point during the sentencing hearing. Pic: AP/ Elizabeth Williams
But despite his plea for “mercy” and expressions of remorse, the judge told him he had abused his “power and control” with women he professed to love – and rejected the defence’s characterisation that “freak off” sexual encounters were consensual experiences, that his was just a “sex, drugs and rock’n’roll story”.
Addressing Cassie and “the other brave survivors who came forward”, the judge said. “We heard you… I can only say your families are proud of you and your children will be proud of you.
“You weren’t just talking to the jury you were talking to the women who feel powerless – you gave them a voice, you stood up to power, it’s not easy.”
Combs showed no visible change of emotion as his sentence was delivered, looking straight ahead as the judge spoke. Afterwards, he seemed subdued – with no sign of the enthusiasm or feeling showed earlier in the day.
Image: Six of Combs’s children, including Chance, right, and twins Jessie and D’Lila Star, addressed the judge in support of their father. Pic: AP/Richard Drew
Ahead of his own speech, the court heard from six of his seven children – causing the rapper to break down in tears as they spoke about how much they loved him, how he has changed, and how much they and their younger two-year-old sister need him.
The sentencing brings to an end a sordid case that featured harrowing testimony – not just from Cassie and Jane, but also from former employees and associates of Combs.
He was convicted in July of flying people around the US and abroad for sexual encounters, including his then girlfriends and male sex workers, in violation of prostitution laws.
However, he was cleared of more serious charges of racketeering conspiracy and sex-trafficking that could have put him in jail for life.
‘I hate myself right now’
Image: Diddy cried as his children read impact statements. Pic: Reuters/Jane Rosenberg
He expanded on this in court, saying he wanted to “personally apologise” to Cassie for “any harm” he caused her “emotionally or physically”, and to Jane – and all victims of domestic violence.
He told the court he got “lost in my excess and lost in my ego”, but since his time in prison he has been “humbled and broken to my core”.
Combs continued: “I hate myself right now… I am truly sorry for it all.”
Image: Janice Combs supported her son in court. Pic: AP Photo/Eduardo Munoz Alvarez
Once one of the most influential hip-hop producers of the 1990s and 2000s – the founder of Bad Boy Records and a Grammy-winning artist in his own right – he has led a very different life since his high-profile arrest.
He was facing a maximum of 20 years in prison for the prostitution-related charges, so the sentence is towards the lower end of the scale.
Prosecutors had argued he should spend at least 11 years behind bars, while Combs’s lawyers were calling for him to be freed almost immediately due to time already served since his arrest just over a year ago.
Christy Slavik, for the prosecution, told the judge sparing the rapper serious prison time would excuse years of violence.
‘Make the most of that second chance’
Image: Judge Arun Subramanian told Combs he will still have a life after prison if he takes his second chance. Pic: Elizabeth Williams via AP
The judge, who had rejected bail for the rapper several times before sentencing, told him that he would get through his time in prison. It will be hard, he said, but he will still “have a life afterwards”.
Combs has “a chance for renewal and redemption”, he added. “What went wrong can be made right… I am counting on you to make the most of that second chance.”
Outside the courthouse, journalists and onlookers swarmed the pavements as TV crews stood in a long row across the street, echoing scenes from the two-month high-profile trial.
It included four days of testimony from Cassie, now Cassie Ventura Fine, who told the court she was coerced and sometimes blackmailed into sexual encounters with male sex workers, referred to as “freak offs”.
Cassie responds
Image: Diddy and Cassie at the premiere for a film she starred in, just days after the 2016 hotel incident. Pic: zz/Galaxy/STAR MAX/IPx/ AP
Jurors were also shown video clips of Combs dragging and beating her in a Los Angeles hotel hallway after one of those sessions in 2016.
Combs referred to this in court, saying it was a “heavy burden” that he will forever carry, and that he was “sick from drugs” and “out of control” at the time, “lost in my excess and lost in my ego”.
Ahead of the sentencing, Cassie also submitted a letter to the judge, calling Combs a “manipulator” and saying she would fear for her safety should he be immediately released.
Responding to the sentence, her lawyers Douglas Wigdor and Meredith Firetog (Wigdor LLP), said: “While nothing can undo the trauma caused by Combs, the sentence imposed today recognises the impact of the serious offences he committed.
“We are confident that with the support of her family and friends, Ms Ventura will continue healing knowing that her bravery and fortitude have been an inspiration to so many.”
An Alaskan climber fell to his death from Yosemite National Park’s El Capitan while livestreaming on TikTok.
Balin Miller, 23, died in a climbing accident on Wednesday, his mother Jeanine Girard-Moorman confirmed in a statement.
“He’s been climbing since he was a young boy,” she said. “His heart and soul was truly to just climb.
“He loved to climb and it was never about money and fame.”
While details of the incident are not clear, Balin’s brother Dylan Miller said that he was lead rope soloing – a way to climb alone while still protected by a rope – on a 2,400ft (730m) route named Sea of Dreams.
He had already finished the climb and was hauling up his last bit of gear when he likely rappelled off the end of his rope, the older brother said.
“He said he felt most alive when he was climbing,” Dylan added. “I’m his bigger brother but he was my mentor.”
More on Alaska
Related Topics:
Image: Balin Miller climbing the route Croc’s Nose at Crocodile Rock in Hyalite Canyon. Pic: Dylan Miller/AP
Many posted tributes to the Alaskanclimber on social media, saying they had watched him climb on a TikTok livestream and calling him “orange tent guy” because of his distinctive camp setup.
On Facebook, Michelle Derrick said Balin was livestreaming during the fatal incident, and he was attempting to retrieve his bags that were stuck on a rock when he fell.
Another climber, Tom Evans, also posted he was climbing at El Capitan at the time, and saw a man rappel off his lead line.
“He was a young man,” Mr Evans added, “highly regarded among the best climbers here.”
Balin was an accomplished alpinist who gained international attention for claiming the first solo ascent of Mount McKinley’s Slovak Direct.
He posted photos of his ascent up the technically difficult route that took him 56 hours to complete on his Instagram in June.
Instagram
This content is provided by Instagram, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Instagram cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Instagram cookies.
To view this content you can use the button below to allow Instagram cookies for this session only.
It marks the third death at the national park in Californiathis year: In June, an 18-year-old from Texas died in the park while free-soloing, or climbing without a rope, on a different formation.
In August, a 29-year-old woman died after being struck in the head by a large tree branch while hiking.
Balin’s death also came on the first day of the US government shutdown, which leaves national parks “generally” open but with limited operations and closed visitor centres.
The National Park Service said in a statement that they are investigating the incident and “park rangers and emergency personnel responded immediately”.