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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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UK

Manchester synagogue attack: Families pay tribute to ‘kind and heroic’ victims – as police arrest three more suspects

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Manchester synagogue attack: Families pay tribute to 'kind and heroic' victims - as police arrest three more suspects

The families of the two victims of the Manchester synagogue attack have paid tribute to them as “heroic, beloved and cherished”.

Adrian Daulby, 53, and Melvin Cravitz, 66, were killed in the attack at Heaton Park synagogue in Crumpsall on Thursday.

Mr Daulby, a member of the congregation, was shot accidentally when police opened fire on attacker Jihad al Shamie.

The synagogue’s rabbi told Sky News it happened as Mr Daulby “was holding the doors to make sure everyone inside stayed safe”.

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Hero held doors closed to keep everyone safe, rabbi says

His family said he was a “hero” and a “lovely down-to-earth man” whose “final act was one of profound courage and he will forever be remembered for his heroic act”.

The family of Mr Cravitz – a security guard at the synagogue who was attending the service – said he would “do anything to help anyone”.

“He was so kind, caring and always wanted to chat and get to know people,” they said.

“He was devoted to his wife, family and loved his food. He will be sorely missed by his wife, family, friends and community.”

Adrian Daulby. Pic: Family handout
Image:
Adrian Daulby. Pic: Family handout

The tributes came as police said three more people – a man and two women – had been arrested on suspicion of terror offences, bringing the total to six.

They also revealed the attacker had been on bail over a suspected rape, but wasn’t on the radar of counter-terror police.

The Independent Office for Police Conduct (IOPC) is investigating the shooting – standard practice when a member of the public is killed.

The investigation would include “whether police may have caused or contributed to the death” of Mr Daulby.

Sir Stephen Watson, the head of Greater Manchester police, confirmed Mr Daulby’s injury appeared to be “a tragic and unforeseen consequence of the urgently required action taken by my officers”.

‘Gentle giant’

Other relatives of Mr Cravitz told Sky News he was a “gentle giant” who “would never harm a fly”.

His cousin, Phil Bentley, said his death was even more tragic as he would never normally be at the synagogue that early.

Melvin Cravitz. Pic: GMP
Image:
Melvin Cravitz. Pic: GMP

Hindi Cohen, a friend and neighbour, said he was a “lovely man” with a good sense of humour, adding: “Our kids loved him. He called himself uncle Melvin to my kids.”

One of Mr Daulby’s neighbours was also emphatic in his praise for a man he lived next door to for 20 years.

Abdul Rahimi called him “one of the best guys I’ve ever seen in my life” and a “very, very good man”, who often bought books and toys for children on their street.

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Synagogue attack victim was a ‘fantastic guy’

Another neighbour, Waqas Hussain, said the pair bonded over a shared love of nature, animals and birds.

He said Mr Daulby was a cancer survivor, who lived alone and started going to the synagogue more after his father died a few years ago.

“Just one of them people… so innocent, so approachable and so pure,” he told Sky News.

He said his friend hadn’t been fasting for health reasons and was debating whether or not to go the synagogue on Thursday.

Increased police patrols are being put in place near synagogues across the country following the atrocity.

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Manchester attacker – what we know

Lammy heckled at vigil

Police in London and Manchester have urged people not to hold planned protests in the cities this weekend so they can keep officers free.

A vigil for the victims was also held in Manchester on Friday – but Deputy Prime Minister David Lammy walked out to shouts of “shame on you” and boos from a few in the crowd.

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Deputy PM heckled at vigil

“Go to Palestine but leave us alone,” one person shouted.

Another protester shouted “my children’s school was closed today – you allowed this to happen.”

Read more:
Ex-minister says father-in-law was at synagogue attack
Attacker’s family condemn ‘heinous act’

Thirty-five-year-old Jihad al Shamie was named as the attacker on Thursday and is believed to be of Syrian descent.

He is understood to have been granted British citizenship when he was around 16, having entered the UK as a young child.

Police shot him dead seven minutes after the first emergency call as they feared he was wearing an explosive device – later identified as a fake.

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Timeline: How terror attack unfolded

Three men also remain in hospital after the attack, with two of them named as Yoni Finlay and Andrew Franks.

One suffered a stab wound, a second was hurt after being hit by a car that al Shamie is said to have driven towards the synagogue, and the third suffered a gunshot wound.

One of the injured victims was working for the Community Security Trust (CST), a charity which provides security to the Jewish community.

Its chief executive, Mark Gardner, said: “One of our CST personnel was seriously injured in yesterday’s terror attack at Heaton Park Synagogue.

“We pray for his continuing recovery and salute the courage of all those who helped stop the terrorist from getting into the shul.”

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Politics

Coinbase goes after National Trust Charter — But don’t call it a bank

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Coinbase goes after National Trust Charter — But don’t call it a bank

Coinbase goes after National Trust Charter — But don’t call it a bank

Coinbase said seeking the license is part of its broader effort to bridge the gap between crypto and traditional finance.

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Entertainment

Sean ‘Diddy’ Combs sentenced to more than four years in prison

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Sean 'Diddy' Combs sentenced to more than four years in prison

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.

Sean Diddy Combs broke down and cried at one point during the sentencing hearing. Pic: AP/ Elizabeth Williams
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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.

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
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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’

Diddy cried as his children read impact statements. Pic: Reuters/Jane Rosenberg
Image:
Diddy cried as his children read impact statements. Pic: Reuters/Jane Rosenberg

On the eve of his sentencing, Combs submitted a letter to the judge pleading for “mercy” and apologising for the “hurt and pain” he has caused others.

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.”

Read more:
The rise and fall of Diddy
Diddy sentencing: As it happened

Janice Combs supported her son in court. Pic: AP Photo/Eduardo Munoz Alvarez
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’

Judge Arun Subramanian told Combs he will still have a life after prison if he takes his second chance. Pic: Elizabeth Williams via AP
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

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
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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.”

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