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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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Entertainment

Scottish artist Nnena Kalu wins Turner Prize 2025 for hanging Barcelona sculptures and Liverpool exhibition

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Scottish artist Nnena Kalu wins Turner Prize 2025 for hanging Barcelona sculptures and Liverpool exhibition

Scottish artist Nnena Kalu has won the 2025 Turner Prize with two exhibitions, including a series of brightly coloured sculptures.

The Glaswegian, 59, took home the visual arts prize along with £25,000 at an award ceremony on Tuesday in Bradford, this year’s UK City of Culture.

As reported by The Guardian, she is the first artist with a learning disability to win the award.

Nnena Kalu, from Glasgow, is the winner of this year's Turner Prize. Pic: Nnena Kalu/ActionSpace/PA
Image:
Nnena Kalu, from Glasgow, is the winner of this year’s Turner Prize. Pic: Nnena Kalu/ActionSpace/PA

Along with Hanging Sculpture 1-10, which European art exhibitors Manifesta commissioned her to create at a disused power station in Barcelona, Ms Kalu won for her presentation in Conversations, a group exhibition at Walker Art Gallery in Liverpool.

For the sculpture series, the artist created the vividly-coloured works from repeated lines and wrappings of different materials, making nest or cocoon-like forms.

Hanging Sculpture 1 - 10 by Nnena Kalu. Pic: PA
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Hanging Sculpture 1 – 10 by Nnena Kalu. Pic: PA

The installation consisted of 10 large brightly-coloured sculptures that hung from grey concrete pillars of the industrial site.

Meanwhile, for Conversations, Kalu presented work in pen, graphite and chalk pen on two pieces of paper.

More on Turner Prize

Conversations by Nnena Kalu. Pic: PA
Image:
Conversations by Nnena Kalu. Pic: PA

The jury, which was chaired by Alex Farquharson, the director of Tate Britain, commended Kalu’s “bold and compelling work” and praised the “lively translation of expressive gesture” in the abstract sculpture and drawing.

The panel also acknowledged her scale, composition and colour, highlighting “the powerful presence” her works have.

Nnena Kalu's nominated Turner Prize works. Pic: PA
Image:
Nnena Kalu’s nominated Turner Prize works. Pic: PA

Kalu is also a resident artist at ActionSpace’s studio, which supports learning disabled artists across London at Studio Voltaire, and beat out fellow shortlisted artists Rene Matic, Mohammed Sami and Zadie Xa.

The works by the four artists are currently available to see at a free exhibition at Bradford’s Cartwright Hall Art Gallery until 22 February.

Jonathan Orrell views work by Nnena Kalu for the Turner Prize. Pic: PA
Image:
Jonathan Orrell views work by Nnena Kalu for the Turner Prize. Pic: PA

Named after British painter JMW Turner, this year’s prize marked the 250th anniversary of his birth.

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Previous winners include artist Damien Hirst in 1995 and filmmaker Sir Steve McQueen in 1999, while last year’s winner, Jasleen Kaur, picked up the prize for Alter Altar – which covered a red sports car with a giant ornamental doily mat.

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Environment

Is a $10,000 discount enough to overcome your VW ID.Buzz sticker shock?

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Is a ,000 discount enough to overcome your VW ID.Buzz sticker shock?

VW’s retro-tastic minivan hasn’t been the sales success the company might have wanted, and a lot of that has to do with the van’s sky high price tag. Now, VW is asking: will a $10,000 discount be enough to create some buzz for the ID.Buzz?

Volkswagen is offering $7,500 in Retail Customer Bonus cash this month – up from the $2,500 the company offered its Black Friday customers – that, along with an additional $2,500 unadvertised dealer cash incentive that CarsDirect is reporting absolutely, definitely exists, adds up to a stout $10,000 total discount on the all-electric VW ID.Buzz … and that’s before you start haggling with your dealer over the MSRP.

It’s a lot


VW ID. Buzz trims
Photo: Volkswagen of America.

As much as I like the the Volkswagen ID.Buzz, its starting MSRP around $61,545 (incl. destination) puts it at nearly twice what you’d probably expect a minivan to cost if the last time you shopped for one was at a Dodge store. Still, that hefty price tag is some $20,000 higher than the baseline Toyota Sienna hybrid or Honda Odyssey.

That 50% higher price is a lot to swallow even if you do buy into the nostalgia. Still, the ID.Buzz is capable enough, and with ~230 miles of range and 282 hp on offer from its battery/electric motor combo – plus Supercharger access – it’s at least able to keep up with the minivan competition.

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So, while that $10,000 discount isn’t going to turn the ID.Buzz into the second coming of the affordable, family-hauling Caravan, it does bring VW’s electric people-mover a little closer to earth. In fact, with a $50K price tag, it’s right in line with the average transaction price of a new vehicles. So, if nothing else, that reduced price could finally gives electric minivan buyers something to buzz about (I tried so hard to work that in, you guys).

If you’ve been shopping for a family-hauler and dig the retro vibe over something like the (excellent) Kia EV9, click through the link below and set up a test drive at your local VW dealer.

SOURCE: CarsDirect; images via VW.


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Sports

White Sox win draft lottery, will pick 1st in 2026

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White Sox win draft lottery, will pick 1st in 2026

The Chicago White Sox won the 2026 MLB draft lottery Tuesday and will pick first in next summer’s draft.

The White Sox had the best odds to get the top pick at 27.73% after finishing 60-102 in the 2025 season. They will have the top selection for the first time since taking Harold Baines in 1977.

Tuesday’s draft lottery determined the first six spots of the first round, with the remaining picks being set in inverse order of the teams’ regular-season records.

The Tampa Bay Rays will select at No. 2, and the No. 3 pick went to the Minnesota Twins, who had the second-best odds to win the lottery at 22.18%. Rounding out the six lottery picks were the San Francisco Giants, Pittsburgh Pirates and Kansas City Royals.

The league-worst Colorado Rockies(43-119) were not eligible for this year’s lottery because a team cannot receive a lottery pick in three consecutive years. They will pick 10th in the draft.

The Washington Nationals and Los Angeles Angels also were not eligible because they are “payor clubs” — or teams that give rather than receive revenue-sharing dollars — and cannot receive a lottery pick in consecutive years. The Nationals landed the 11th pick, while the Angels will pick 12th.

MLB and the players’ association established the lottery in the March 2022 collective bargaining agreement. The union pushed for the innovation to encourage teams to compete for wins rather than trade off players at the deadline in an attempt to get a higher draft choice.

The 2026 draft will take place July 11-12 in Philadelphia as part of MLB’s All-Star Week festivities.

The Nationals won the lottery last year and selected high school shortstop Eli Willits with the No. 1 pick.

The Associated Press contributed to this report.

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