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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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5 countries where crypto is (surprisingly) tax-free in 2025

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5 countries where crypto is (surprisingly) tax-free in 2025

5 countries where crypto is (surprisingly) tax-free in 2025

Looking to live tax-free with crypto in 2025? These five countries, including the Cayman Islands, UAE and Germany, still offer legal, zero-tax treatment for cryptocurrencies.

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Children with special needs will ‘always’ have ‘legal right’ to support, education secretary says

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Children with special needs will 'always' have 'legal right' to support, education secretary says

The education secretary has said children with special needs will “always” have a legal right to additional support as she sought to quell a looming row over potential cuts.

The government is facing a potential repeat of the debacle over welfare reform due to suggestions it could scrap tailored plans for children and young people with special needs in the classroom.

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Speaking in the Commons on Monday, Bridget Phillipson failed to rule out abolishing education, health and care plans (EHCPs) – legally-binding plans to ensure children and young people receive bespoke support in either mainstream or specialist schools.

Laura Trott, the shadow education secretary, said parents’ anxiety was “through the roof” following reports over the weekend that EHCPs could be scrapped.

She said parents “need and deserve answers” and asked: “Can she confirm that no parent or child will have their right to support reduced, replaced or removed as a result of her planned changes?”

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Sophy’s thought on whether to scrap EHCPs

Ms Phillipson said SEND provision was a “serious and complex area” and that the government’s plans would be set out in a white paper that would be published later in the year.

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“I would say to all parents of children with SEND, there is no responsibility I take more seriously than our responsibility to some of the most vulnerable children in our country,” she said.

“We will ensure, as a government, that children get better access to more support, strengthened support, with a much sharper focus on early intervention.”

ECHPs are drawn up by local councils and are available to children and young people aged up to 25 who need more support than is provided by the Special Educational Needs and Disabilities (SEND) budget.

They identify educational, health and social needs and set out the additional support to meet those needs.

In total, there were 638,745 EHCPs in place in January 2025 – up 10.8% on the same point last year.

‘Rebel ready’

One Labour MP said they were concerned the government risked making the “same mistakes” over ECHPs as it did with the row over welfare, when it was eventually forced into a humiliating climbdown in the face of opposition by Labour MPs.

“The political risk is much higher even than with welfare, and I’m worried it’s being driven by a need to save money which it shouldn’t be,” they told Sky News.

“Some colleagues are rebel ready.”

The MP said the government should be “charting a transition from where we are now to where we need to be”, adding: “That may well be a future without ECHPs, because there is mainstream capacity – but that cannot be a removal of current provision.”

Later in the debate, Ms Phillipson said children with special educational needs and disabilities would “always” have a “legal right” to additional support as she accused a Conservative MP of attempting to “scare” parents.

“The guiding principle of any reform to the SEND system that we will set out will be about better support for children, strengthened support for children and improved support for children, both inside and outside of special schools,” she said.

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“Improved inclusivity in mainstream schools, more specialist provision in mainstream schools, and absolutely drawing on the expertise of the specialist sector in creating the places where we need them, there will always be a legal right … to the additional support… that children with SEND need.”

Her words were echoed by schools minister Catherine McKinnell, who also did not rule out changing ECHPs.

She told the Politics Hub With Sophy Ridge that the government was “focused on reforming the whole system”.

“Children and families have been left in a system where they’ve had to fight for their child’s education, and that has to change,” she said.

She added that EHCPs have not necessarily “fixed the situation” for some children – but for others it’s “really important”.

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Government to ban ‘appalling’ non-disclosure agreements that silence victims of abuse at work

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Government to ban 'appalling' non-disclosure agreements that silence victims of abuse at work

Victims will no longer have to “suffer in silence”, the government has said, as it pledges to ban non-disclosure agreements (NDAs) designed to silence staff who’ve suffered harassment or discrimination.

Accusers of Harvey Weinstein, the former film producer and convicted sex offender, are among many in recent years who had to breach such agreements in order to speak out.

Labour has suggested an extra section in the Employment Rights Bill that would void NDAs that are intended to stop employees going public about harassment or discrimination.

The government said this would allow victims to come forward about their situation rather than remain “stuck in unwanted situations, through fear or desperation”.

Zelda Perkins, former assistant to Harvey Weinstein, led the calls for wrongful NDAs to be banned. Pic: Reuters
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Zelda Perkins, former assistant to Harvey Weinstein, led the calls for wrongful NDAs to be banned. Pic: Reuters

Zelda Perkins, Weinstein’s former assistant and founder of Can’t Buy My Silence UK, said the changes would mark a “huge milestone” in combatting the “abuse of power”.

She added: “This victory belongs to the people who broke their NDAs, who risked everything to speak the truth when they were told they couldn’t. Without their courage, none of this would be happening.”

Deputy prime minister Angela Rayner said the government had “heard the calls from victims of harassment and discrimination” and was taking action to prevent people from having to “suffer in silence”.

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Weinstein found guilty of sex crime in retrial

An NDA is a broad term that describes any agreement that restricts what a signatory can say about something and was originally intended to protect commercially sensitive information.

Currently, a business can take an employee to court and seek compensation if they think a NDA has been broken – even if that person is a victim or witness of harassment or discrimination.

“Many high profile cases” have revealed NDAs are being manipulated to prevent people “speaking out about horrific experiences in the workplace”, the government said.

Announcing the amendments, employment minister Justin Madders said: “The misuse of NDAs to silence victims of harassment or discrimination is an appalling practice that this government has been determined to end.”

The bill is currently in the House of Lords, where it will be debated on 14 July, before going on to be discussed by MPs as well.

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