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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.

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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.

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Robbie Williams forced to cancel world tour gig in ‘interests of public safety’

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Robbie Williams forced to cancel world tour gig in 'interests of public safety'

Robbie Williams has said he is “deeply sorry” his concert in the Turkish city of Istanbul has had to be cancelled “in the interests of public safety”.

The former Take That singer said it was his “dream” to perform at Atakoy Marina on Tuesday but the decision by city authorities to cancel the show “was beyond our control”.

Williams’ Britpop world tour began in May and has taken him to cities including London, Amsterdam, Berlin, Helsinki and Athens.

The 51-year-old Angels singer said in a post on Instagram to his 3.7m followers: “The last thing I would ever want to do is to jeopardise the safety of my fans – their safety and security come first.

“We were very excited to be playing Istanbul for the first time, and purposely chose the city as the final show of the Britpop tour.

“To end this epic run of dates in front of my Turkish fans was my dream, given the close connections my family have with this wonderful country.

“To everyone in Istanbul who wanted to join the 1.2 million people who have shared this phenomenal tour this year with us, I am deeply sorry. We were so looking forward to this show, but the decision to cancel it was beyond our control.”

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Williams is still expected to perform a small ticketed gig on Thursday at Camden’s Dingwalls venue in London.

He will run through his upcoming album Britpop, which is yet to be released, in full, with his first solo LP, Life Thru A Lens.

After leaving Take That in 1995, Williams released his chart-topping debut album in 1997, and has achieved seven UK number one singles and 15 UK number one albums.

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Healthcare AI firm Heidi valued at £345m after Point72 backing

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Healthcare AI firm Heidi valued at £345m after Point72 backing

A healthcare AI company which claims to be used by more than 60% of NHS GPs will this week announce a funding injection led by one of Wall Street’s most prominent investors.

Sky News has learnt that Heidi, which promises to reduce doctors’ workloads by removing layers of bureaucracy from their daily tasks, will unveil a $65m (£48m) Series B fundraising which will value the company at $465m (£346m).

The round has been led by Point72 Private Investments, part of the investment empire of Steven Cohen, the billionaire asset management tycoon.

Existing investors including Blackbird, Headline and Latitude – which is part of the London-based venture capital group LocalGlobe – are also participating in the funding boost.

The raise brings the total sum of funding injected into Heidi since it was founded by a trio of Australian healthcare professionals to nearly $100m.

Heidi says its technology is now used to support more than 340,000 patient consultations each week in the UK.

It adds that organisations utilising it include One Care and Modality Partnership, the NHS’s largest GP “super-partnership”.

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Heidi Health CEO, Dr Thomas Kelly. Pic: Heidi Health
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Heidi Health CEO, Dr Thomas Kelly. Pic: Heidi Health

Heidi is also running pilot programmes with NHS Trusts across the North West London Acute Provider Collaborative – a group of hospitals serving a local population of approximately 2.2 million people – as well as One LSC, a collective of five NHS Trusts in Lancashire and South Cumbria which serves nearly 1.8 million people.

The company says its administrative aids have already saved British doctors 3 million hours annually by cutting paperwork and other bureaucracy.

It automates tasks such as clinical documentation, evidence search, and follow-up communications with patients.

More widely, Heidi claims to have supported more than 70 million patient consultations globally over the last 18 months, returning more than 18 million hours to frontline clinicians by streamlining administrative functions.

“It is untenable that healthcare demand continues to rise while clinical time continues to shrink,” Dr Thomas Kelly, the CEO and co-founder of Heidi, said.

“Building a sustainable healthcare system requires expanding clinical capacity without compromising clinician wellbeing or patient safety.”

The new funding will be used to accelerate Heidi’s expansion in the US, UK and Canada, including doubling its workforce in Britain to meet growing NHS demand.

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“What we’re witnessing with Heidi in the UK’s NHS isn’t just fast growth, it’s a clinician-led movement,” said Ferdi Sigona, a partner at Latitude.

“When doctors themselves are championing a tool so passionately – from individual practices to major NHS Trusts serving millions of patients – we know we’re backing a company with universal appeal across healthcare.”

Alongside the funding round, Heidi is also expected to announce the appointment of Paul Williamson, a former executive at the fintech Plaid, as chief revenue officer, and former Microsoft chief medical officer Dr Simon Kos to the same role.

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‘We don’t have anything for winter’: Families fear months ahead after earthquake wiped out entire villages in Afghanistan

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'We don't have anything for winter': Families fear months ahead after earthquake wiped out entire villages in Afghanistan

It is a breathtaking and, at points, pretty perilous journey through the remote mountainous region of eastern Afghanistan.

We’re trying to reach the Mazar Dara valley, where an earthquake wiped out whole villages. The force of the quake ripped apart roads, cut off communities and buried multiple generations.

It’s slow going – navigating around sheer drops on a road scattered with rocks and boulders. But after three hours, we start to see the first signs of the disaster that, within minutes, plunged this region into darkness.

Last month's earthquake killed some 2,000 people and was one of the worst Afghanistan has seen
Image:
Last month’s earthquake killed some 2,000 people and was one of the worst Afghanistan has seen

We are driving into Wadir, a village in Nurgal District, where everyone we meet has lost someone. The earthquake, which struck around midnight, killed many in their sleep here, especially women and children.

Standing by a makeshift graveyard peppered with white flags and gravestones, we meet little Rahmanullah. He’s eight but looks much younger, and his glassy eyes look heavy with grief.

His fragile, tiny hands point to the grave where his six-year-old brother Abouzar is buried. He was sleeping alongside him.

The earthquake struck around midnight and killed many in their sleep
Image:
The earthquake struck around midnight and killed many in their sleep

The only reason Rahmanullah survived was because his older sibling, Saied Rahman, was able to pull him out.

“I was asleep when I heard a crash,” Rahmanullah tells me. “My brother said ‘it’s an earthquake, get up, or the building will fall on you’.

“He took my hand and pulled me out, put me on some wood, and said, ‘get out quick’.”

Saied Rahman pulled Rahmanullah from his home during the quake
Image:
Saied Rahman pulled Rahmanullah from his home during the quake

Rahmanullah takes us up a steep hill to show us what remains of his home.

On the edge of a vast drop, it is now a mound of rubble – only a broken bed and shoes left behind.

Rahmanullah (pictured) lost his younger brother Abouzar after the earthquake in Wadir
Image:
Rahmanullah (pictured) lost his younger brother Abouzar after the earthquake in Wadir

The earthquake killed some 2,000 people and was one of the worst Afghanistan has seen. And it came at an already desperate time for Afghans – with an economic crisis, rising unemployment, drought and malnutrition.

The quake's epicentre was near the city of Jalalabad
Image:
The quake’s epicentre was near the city of Jalalabad

In Afghanistan, there has been a seemingly endless cycle of hunger and displacement. Compounding those problems since the Taliban took control in 2021, aid has dropped off a cliff.

This year, the US cut almost all of its funding to the country, and it’s had a massive impact.

The demise of the US Agency for International Development this year has forced the closure of 400 health facilities and left hundreds of thousands of Afghans without consistent access to food.

Nearly everyone we spoke to in this region praised the speed and effectiveness of the Taliban response – the government sending in helicopters to evacuate the injured and the dead.

White tents have sprouted up next to each affected village too – a sign international aid was able to get to these far-flung communities against the odds.

But winter is coming, and sickness is starting to spread. In Andarlackhak, we meet Ajeebah. She’s keen to speak to us in private, in the tent she now calls home.

She married at 10 years old and went on to have 10 children. But five of them died in the quake – three-year-old Shabhana, seven-year-old Wali Khan, nine-year-old twins Razimah and Nasreen, and 13-year-old Saleha.

Ajeebah, with her niece Zarmina, 22, daughter Asiya, 8, and son Abdul Raziq, 11
Image:
Ajeebah, with her niece Zarmina, 22, daughter Asiya, 8, and son Abdul Raziq, 11

Their mother is clearly still processing the immense, almost unimaginable loss.

“I don’t want to bury them. What could I do?” she says. “I can’t keep them outside. But I don’t want to put them in a graveyard.”

Outside, dozens of children are playing, many orphaned by the disaster.

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Children, many of whom are orphaned, are living in tents
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Children, many of whom are orphaned, are living in tents

Malnutrition is a major issue in Afghanistan and keeping these children fed will be an overwhelming burden in the months ahead.

With women unable to work under the Taliban and a struggling economy, families were already in dire straits.

Mohammad Salem, who’s 45, has injured his foot. And he’s deeply worried about the months ahead.

“We don’t have anything for winter,” he said. “The snow is coming, and our children are living in tents.

“They’re lying in the dirt. We don’t have any shelter for the future. Everything we had is destroyed.”

Mohammad Salem injured his foot and is deeply worried about the months ahead
Image:
Mohammad Salem injured his foot and is deeply worried about the months ahead

The Taliban forbids physical contact between men and women who are not family members, even in emergencies. That raised fears some women would be left without help.

However, the villagers we spoke to praised the rescue efforts and said female aid workers were able to reach them.

But what hangs over every community in these deep and now scarred valleys is the fear of the hardships to come and the realisation that their communities, their families, have been changed forever.

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