AMC is one of the biggest moments in @RobinhoodApp history.
The 2021 run made the app a household name and turned a movie theater stock into a movement. People who had never traded anything in their life opened the app just to buy that ticker.
Five years later, the story isn't over.
$AMC is now tokenized on Robinhood's own chain
...and its ticker has one last secret.
It never stood for what you thought it did.
A Meme Coin.
$MEME is live, paired with $AMC
The theater was a front.
It was A Meme Coin all along. 🍿🎬
0x385f4f8ae47651ce5f58f5265395a669f8281e18
And so it begins. 🍿
CoinDesk has picked it up.
https://t.co/LCnex8024J
The media is waking up.
$AMC. Robinhood. Tokenized stocks. Lawyers.
A $MEME Coin couldn’t have asked for better lore.
Adam came out swinging.
Vlad hasn’t thrown a punch yet.
Now the entire timeline is ringside, waiting for the counter. 🍿🥊
@CEOAdam vs @vladtenev
$MEME has front row seats.
In addition to my own comments back to @vladtenev about about my strongly-held concerns about Robinhood’s Stock Tokens, read what someone named Brad (who I don’t know) insightfully had to say on this topic:
Seriously? What’s the concern you ask, @vladtenev? The list of concerns is almost existential.
U.S. securities laws are in place to protect investors. For good reason, we spend millions and millions of dollars every year to comply with U.S. securities laws. In good. conscience, how can Robinhood as a U.S. company set up an operation in far offshore Jersey, an island 3000 miles away, and market a security sort of posing as AMC in some shape or fashion, and not comply with U.S. securities laws. That is shocking and shameful.
Our past issuance of equity to strengthen our balance sheet was vital to our success. Your setting up some kind of fictitious synthetic equity market decouples stock token ownership from a company’s ability to control its own capital raising efforts.
Share ownership gives shareholders various rights, including the right to vote their shares. Your stock token pretend to be some form of stock ownership, but disclosures to the contrary notwithstanding, they are not ownership and they deprive investors of their rights.
This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general. There already is distrust in financial institutions, you are potentially making it far worse.
These are but a few of my concerns about your actions.
I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens. If you don’t, our high priced securities counsel has been asked to see whether we can force you to stop.
I also wonder how can the SEC possibly support your sham ignoring of U.S. securities laws. You can be sure we will be asking them.
Adam, $AMC is up +20% pre market, while the internet is talking about AMC like a meme stock again.
Maybe the market is trying to tell you something.
AMC has always had one of the strongest meme communities in markets.
It was always destined to have A $MEME Coin. 🍿
@CEOAdam, are we invited to the movies?