Matt Levine, Columnist

AMC Rode the Meme Rally

A debt exchange, Tesla’s get-out-the-vote efforts, BlackRock’s stablecoin and Jane Street’s pay philosophy.

May 15, 2024 at 5:59 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Nothing in this newsletter is ever investment advice. For instance, yesterday AMC Entertainment Holdings Inc. announced that it had completed its $250 million at-the-market stock offering just as a meme-stock rally was getting started, and I wrote:

Well, if I were an AMC investor, I would have been wrong! AMC’s stock did rally yesterday — or, rather, it opened up more than 100% from Monday’s close, and then gave back a lot of those gains over the course of the day — and AMC did sell into the demand. Bloomberg’s Claire Boston reports:

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