But who’s buying? CEO Adam Aron is schmoozling and bamboozling the Reddit crowd.
A joke where everyone is making fun of everyone in grand & crazy pump-and-dump schemes. But I can’t blame AMC. I blame the Fed.
Thousands of workers laid off. $2.2 billion up in smoke. 2nd SoftBank unicorn to collapse this year before getting to the IPO or SPAC window, after Greensill, which it helped take down.
It’s a crazy situation the Fed backed into as tsunami of liquidity goes haywire, banking system strains under $4 trillion in reserves, and General Treasury Account gets drawn down.
It works until it doesn’t. Now all eyes are on housing (transcript).
This is the first time I’ve seen Wall Street banks clamor for the Fed to back off QE. The Fed struggles to keep the liquidity it created from going haywire.
They all did it, from Salesforce, Uber, and Twitter on down. It was pure magic, a show produced with enormous hype. Now they’re all trying to get out at the same time.
Margin debt is just the visible tip of the iceberg of leverage, and it reached the zoo-has-gone-nuts level.
SPACs, EV SPACs in particular, IPOs, stocks in the ARK ETF, such as Tesla…
Getting massacred on the edge of the stock market.