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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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Washington DC shooting: Trump condemns ‘monstrous’ attack near White House – and says suspect is Afghan national

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Washington DC shooting: Trump condemns 'monstrous' attack near White House - and says suspect is Afghan national

Donald Trump has called for every Afghan national who entered the US under the Biden administration to be investigated following the shooting of two National Guard troops near the White House.

The president said the “monstrous, ambush-style attack” was carried out by an Afghan national who arrived in September 2021 during America’s chaotic withdrawal from Kabul.

“This attack underscores the single greatest national security threat facing our nation,” Mr Trump said in an address to the nation from Florida.

He vowed to “reexamine every single alien” who has entered the US from Afghanistan under the previous government, and said: “I am determined to ensure the animal who perpetrated this atrocity will pay the steepest possible price.”

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Trump condemns ‘animal’ shooting suspect

Suspect to face terror probe

America’s citizenship and immigration office said it had stopped processing all immigration requests relating to Afghan nationals indefinitely.

Sky’s US partner network, NBC News, reports the suspect in custody is 29-year-old Rahmanullah Lakanwal.

Both guardsmen were shot in the head, according to NBC, citing senior officials briefed on the investigation.

Wednesday’s shooting – carried out with a handgun – will be investigated by the FBI as a possible act of terror.

The White House was placed into lockdown following the incident, while Mr Trump is away for Thanksgiving.

Pics: AP
Image:
Pics: AP

Victims in ‘critical condition’

West Virginia’s governor initially said both victims were members of his state’s National Guard and had died from their injuries – but later posted to say there were “conflicting reports about the condition of our two Guard members”.

Patrick Morrisey had said: “These brave West Virginians lost their lives in the service of their country.”

Hundreds of National Guard members have been patrolling the capital after Mr Trump issued an emergency order in August, which federalised the local police force and sent in the guard from eight states and the District of Columbia.

Mr Trump has announced an extra 500 troops will be deployed in the wake of Wednesday’s shooting.

FBI director Kash Patel said the troops were “brazenly attacked in a horrendous act of violence”.

At a news conference, he clarified they were in a “critical condition”.

Pic: AP
Image:
Pic: AP

Former president Joe Biden, who was heavily criticised by Mr Trump in his address, said he and his wife Jill were “heartbroken” by the shooting.

“Violence of any kind is unacceptable, and we must all stand united against it,” said a statement.

Analysis: Trump’s statement could embolden anti-immigration Americans

US correspondent Mark Stone said it was expected that Trump’s statement would have an update on the investigation and the victims’ condition.

“What struck me was the president’s decision to be so political and to make the point as he wanted to, it seemed, that this will now embolden him to find out who else might be here illegally, wherever they may be from,” Stone said.

“And he singled out Somalis in Minnesota, of course, a Democratic-run state.”

Stone said Trump’s statement could further embolden those who already hold anti-immigration sentiments.

“You might expect a leader in this sort of situation to deal with the facts as he knows them and to call for unity. But it’s not Trump’s style to do that.”

How the attack unfolded

Jeff Carroll, chief of the metropolitan police department in the area, said the attack began at 2.15pm local time (7.15pm in the UK) while National Guard members were on “high visibility patrols in the area”.

He said: “A suspect came around the corner, raised his arm with a firearm and discharged it at the National Guard.

“The National Guard members were… able to – after some back and forth – able to subdue the individual and bring them into custody.”

Washington DC mayor Muriel Bowser called the attack a “targeted shooting”.

Pics: AP
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Pics: AP

Social media footage showed first responders attempting CPR on one of the soldiers as they treated the other on a pavement covered in glass.

Nearby other officers could be seen restraining an individual on the ground.

Emergency personnel cordon off an area near where the National Guard soldiers were shot. Pics: AP
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Emergency personnel cordon off an area near where the National Guard soldiers were shot. Pics: AP

The scene was cordoned off by police tape, while agents from the US Secret Service and Bureau of Alcohol, Tobacco, Firearms and Explosives attended the scene, as National Guard troops stood sentry nearby.

The FBI was also on the scene, the agency’s director said.

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Lindsay and Craig Foreman: Son of British couple detained in Iran says government not doing enough

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Lindsay and Craig Foreman: Son of British couple detained in Iran says government not doing enough

The son of a British couple detained in Iran has said the UK government is not doing enough to secure their release.

Lindsay and Craig Foreman, from East Sussex, were taken into custody in Kerman in January during a motorcycle tour around the world and later charged with espionage, which they deny.

In August, the pair were moved to different jails in Tehran, before being reunited in October at Evin prison, where British-Iranian national Nazanin Zaghari-Ratcliffe was held between 2016 and 2022.

Nazanin Zaghari-Ratcliffe. Pic: Reuters
Image:
Nazanin Zaghari-Ratcliffe. Pic: Reuters

‘You need to stand up for your citizens’

Lindsay’s son, Joe Bennett, told Sky News there are too many similarities with Mrs Zaghari-Ratcliffe’s situation.

“They themselves are being very passive,” he said of the UK government.

“They’ve got two UK citizens that are accused of spying for the British state, but they’re not coming out and defending them and calling [it out] for what it is.

“You need to stand up for your citizens and call it out.”

Speaking to The World With Dominic Waghorn, Mr Bennett dismissed Iran’s accusation of espionage against his mother and her partner – and accused the regime of “hostage taking”.

Lindsay Foreman with her son Joe Bennett. Pic: Family handout
Image:
Lindsay Foreman with her son Joe Bennett. Pic: Family handout

‘They’re not spies’

Asked whether he had any sympathy with the argument that making too much of the situation makes their release less likely, Mr Bennett said there was “no justification” for the Foreign Office taking such an approach.

“If they’re on charges of shoplifting, potentially that’s understandable, let’s see the court of law, let’s go through it if they’ve been caught of some wrongdoing,” he said.

“They haven’t, and they’ve been accused of espionage, which is state-level political charges, right?

“They’re not spies, it’s quite simple.”

Read more from Sky News:
Court hearing ‘did not go well’ for British couple
Iran protests ‘bring back memories’ of helplessness

Mrs Zaghari-Ratcliffe’s husband Richard is supporting Mr Bennett’s case.

He told Sky News: “It does feel to me that I’m hearing too many echoes of our experience in the experience of Joe’s family and others.”

Joe Bennett and Richard Ratcliffe
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Joe Bennett and Richard Ratcliffe

The Foreign Office warns all British and British-Iranian nationals against all travel to Iran because of “significant risk of arrest, questioning, or detention”.

In October, a spokesperson told Sky News the department was deeply concerned by reports that the Foremans had been charged with espionage and that it was providing them with consular support.

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Guinea-Bissau: Military seizes power as President Umaro Sissoco Embalo ‘deposed and arrested’

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Guinea-Bissau: Military seizes power as President Umaro Sissoco Embalo 'deposed and arrested'

Soldiers have appeared on state TV in Guinea-Bissau to say the country’s military has seized power, accusing its president of interfering in Sunday’s election as he revealed he had been “deposed”.

Military spokesperson Dinis N’Tchama said in a statement that the military had decided to “immediately depose the president of the republic” and suspend all government institutions.

He said they acted in response to the “discovery of an ongoing plan” that he said aimed to destabilise the country by attempting to “manipulate electoral results”.

Guinea Bissau President Umaro Sissoco Embalo at the UN in 2023. File pic: Reuters
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Guinea Bissau President Umaro Sissoco Embalo at the UN in 2023. File pic: Reuters

The “scheme was set up by some national politicians with the participation of a well-known drug lord, and domestic and foreign nationals”, Mr N’Tchama said, but gave no details.

The country has emerged as a hub for drug trafficking between Latin America and Europe.

The electoral process was being suspended immediately, along with the activities of the media, while the country’s borders were being closed, he said.

Guinea-Bissau President Umaro Sissoco Embaló told French television network France 24: “I have been deposed.”

French news outlet Jeune Afrique quoted Mr Embaló as saying he was arrested in what he called a coup led by the army chief of staff but did not suffer violence.

An international election observer told Associated Press the president “has been speaking to people saying he’s being held by the military”.

Gunfire was heard near the presidential palace in the capital, Bissau, around noon on Wednesday.

A palace official said a group of armed men tried to attack the building, leading to an exchange of gunfire with guards.

Gunshots were also heard around the nearby national electoral commission, an interior ministry official said.

Both sources spoke on condition of anonymity.

Roads leading to the palace were closed off, with checkpoints manned by heavily armed and masked soldiers, an AP reporter said.

Meanwhile, Mr Embaló and opposition candidate Fernando Dias da Costa both claimed victory on Tuesday in the presidential and legislative elections held on Sunday, even though official provisional results were not expected until Thursday.

Read more on Sky News:
Man admits driving into football fans
Fire engulfs high-rise buildings
Farmers’ parliament protest

Mr Embaló, who was elected in February 2020, was due to stand down earlier this year after serving a five-year term.

That was extended until 4 September by the country’s supreme court, but voting was delayed until this month.

Guinea-Bissau has seen four coups and numerous attempted ones since it gained independence in 1974, including one reported last month.

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