Musk Superfans, Meme-Stock Traders Crash US Business Court Norms

Meme stock traders come to the country’s premier venue for corporate litigation on a mission to—well, there’s a lot going on here.

Tesla Inc. superfans vow to protect Elon Musk from the judge who doesn’t think he’s worth $56 billion. Retail investors want a reckoning for the movie theater chain they say treats them like “a piggy bank.”

They’re little guys saving their beloved brands from “a broken system” perpetuated by “bad actors” on Wall Street. They do their own research. They’re an online army. They want their money back. They don’t care so much about winning.

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The true believers flood the courts with letters and pleadings written in an amateur’s best approximate legalese, sometimes if not always heeding advice to be “VERY RESPECTFUL.” The court, more used to hearing disputes about buyout battles and self-dealing by billionaires, had to appoint a special master to summarize correspondence from almost 3,000 retail investors objecting to AMC’s plan to recapitalize by diluting their shares. One of those investors re-ups her objection Wednesday in an appeal before the Delaware Supreme Court.

Source: Musk Superfans, Meme-Stock Traders Crash US Business Court Norms