In December 2021, I found myself battling both COVID and the possibility of a prostate cancer diagnosis. However, amidst my personal struggles, I became a target of criticism on Twitter. My offense? Reporting on the formation of an investment cult around AMC, a troubled movie theater chain, which led to inflated stock prices. Despite the abuse I faced, I remained steadfast in my reporting, refusing to join in the hype surrounding the small investor movement. Ultimately, my dedication paid off as the stock plummeted, validating my predictions. The collapse of AMC’s stock was inevitable due to the company’s financial troubles, including cash burn and the looming threat of bankruptcy or dilution. Unfortunately, many individuals who fell under the influence of the cult suffered significant losses. While I don’t take joy in their misfortune, I am grateful that my reporting saved people from financial ruin. In today’s age of instantaneous social media feedback, journalists face unprecedented challenges in maintaining the integrity of their profession. Social media platforms like Twitter can serve as a breeding ground for cult-like behavior, where misinformation spreads rapidly and critical thinking is discouraged. The AMC cult was a prime example of this, with its followers blindly believing in a conspiracy theory that greedy hedge funds were out to destroy the movie theater chain. However, the supposed evidence behind this theory was nothing more than nonsensical ramblings. Any attempt to question the logic was met with relentless harassment. The power of social media is undeniable, and it played a significant role in the longevity of this cult. However, it’s unfortunate that more reporters didn’t speak out against it. The signs were glaringly obvious if one bothered to analyze the company’s financial statements. Short sellers had already profited from AMC’s precarious financial situation, marked by excessive cash burn, high debt, and lower movie attendance due to the rise of streaming platforms. CEO Adam Aron himself admitted that without raising additional funds through stock sales, bankruptcy was highly likely. Yet, a contingent of the cult persisted in their belief that AMC was thriving and didn’t require capital. This coming dilution is what has kept the company afloat while its stock continues to suffer. The fact that some cult members refuse to acknowledge the reality of the situation is concerning. Even more troubling is the number of journalists who sought validation from the cult, eagerly courting their approval for the sake of social media popularity. These reporters have compromised their integrity by aligning themselves with a destructive force. History has shown us time and again that cults never end well, and it is a shame that some within the journalistic profession have failed to recognize this truth.
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