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Reddit’s ‘meme stock’ crowd is launching a Super PAC

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Reddit’s ‘meme stock’ crowd is launching a Super PAC

The WallStreetBets crowd is angling to get into the political game. 

A pair of part-time stock traders has launched a Super PAC to “amplify the voice of the retail investor” as the rise of Reddit-fueled “meme stocks” like GameStop has rattled big hedge funds and caught the attention of regulators and politicians in Washington.

The new political action committee, registered with the Federal Election Commission under the name “WeLikeTheStock.wtf,” is aimed at giving Regular Joe investors the kind of political bullhorn that is usually reserved for the Wall Street giants.

“The goal is to be irreverent but honest,” said 34-year-old Chad Minnis, who filed the paperwork for the Super PAC last month with fellow day trader Christian Freed. “It lets us break away from what the mainstream media says we are and say who we really are.”

According to Minnis, WeLikeTheStock’s first goal is to raise enough money to purchase a full-page ad in The New York Times to debunk hostile media coverage of retail traders that have used Reddit and the Robinhood trading app to pump stocks at the expense of big hedge funds long accustomed to controlling the market.

“They’ve described us as a collective group of degenerates who are ruining things,” Minnis said. “But we have already disrupted the markets by becoming the first decentralized hedge fund.”

The Super PAC — which under FEC rules is authorized to raise funds for political candidates it believes will help its populist crusade against the Wall Street establishment — will follow a crowdfunding model that seeks funds from thousands of small investors.

“I want to do the opposite of a SuperPAC,” Minnis said. “Instead of having a few rich people that fund most of it, I want a bunch of real people giving a little to make it happen.”

While the idea to start the PAC came out of a growing interest in online trading and the WallStreetBets Reddit forum, Minnis said his biggest inspiration was TV host Stephen Colbert, who launched his own real Super PAC, “Americans for a Better Tomorrow, Tomorrow” as a parody of Super PACs.

“WeLikeTheStock,” meanwhile, gets its name from a WallStreetBets rallying cry for its favorite meme stocks, which in addition to GameStop have included AMC Entertainment, Nokia and Blackberry.

When the Reddit Rally’s unofficial patron saint Keith Gill, a day trader also known as “Roaring Kitty,” was hauled before Congress on Feb. 18 and pressed on why he continued to promote GameStop shares, he responded, “I still like the stock,” sending acolytes into frothy glee.

Gill appears to be a spiritual mentor to the new organization. According to the filing, Minnis and Freed gave the Federal Election Commission their “Statement of Organization” for the PAC on the same day as Gill’s testimony.

Looking ahead, Minnis said he hopes the PAC can capitalize on the still-simmering anger at hedge funds that have bounced back after the short squeeze, helped along by what he and his crew see as a rigged game.

“There was a post on the forum recently that asked, ‘Would you be willing to tape a few dollars to a rock and throw it at these hedge funds that started this whole thing by shorting stocks into oblivion?’” he said. “We think a lot of people are going to answer ‘Yes.’”

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Alexandra Ford English becomes 1st female board member at Ford

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Alexandra Ford English becomes 1st female board member at Ford

Henry Ford’s great-great-granddaughter has become the first woman in history to take a seat on the company’s board of directors.

Alexandra Ford English, 33, who has an MBA from Harvard and an undergraduate degree from Stanford, will begin her tenure on the 14-member board immediately, which will also include her cousin, Henry Ford III, the founder’s great-great-grandson, according to a report.

English, the daughter of the company’s executive chairman Bill Ford, joined the 118-year-old company in 2017 and works as director of corporate strategy.

Both Ford and English were elected to the board in March.

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AMC cashes in on Reddit-trading frenzy with $428 million share sale

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AMC cashes in on Reddit-trading frenzy with $428 million share sale

Cinema operator AMC Entertainment Holdings has raised about $428 million from a share sale, capitalizing on the retail-trading driven surge in its stock earlier this year.

The world’s largest cinema chain operator’s shares have gained more than five-folds in 2021 thanks to interest from amateur traders on Reddit that were piling into heavily shorted stocks such as GameStop and AMC to punish hedge funds that bet against them.

AMC said in a statement Thursday it had sold 43 million shares at an average price of $9.94 apiece in the at-the-market offering, sending its stock nearly 16 percent higher.

The company has raised funds in the past few months to ride out a downturn in its business wrought by pandemic-driven theater closures, delays in the launch of big movies and the growth of video streaming platforms.

It said in January it had raised $917 million since mid-December through equity and debt issues. It raised an additional $304.8 million in the same month through a share sale.

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Amazon Fresh grocery store to replace Fairway in Paramus

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Amazon Fresh grocery store to replace Fairway in Paramus

The Paramus Fairway’s getting a fresh start.

An Amazon Fresh supermarket is set to replace the shuttered Fairway Market in Paramus, N.J.

The Jeff Bezos-owned e-commerce giant bought the former Fairway location out of bankruptcy auction along with another former Fairway store in Woodland Park for a total of $1.5 million last March, The Post previously reported. 

Amazon’s plans for the two locations were listed as confidential at the time, but came as the Seattle-based company, which also owns Whole Foods, was beginning to expand in the groceries space. 

But Amazon confirmed in November the former Woodland Park Fairway would be converted into an Amazon Fresh. And now, the Paramus location will go the same route, an Amazon spokesperson confirmed to NorthJersey.com. 

It’s not clear when opening day will be, and the company did not return The Post’s request for comment. 

Amazon opened its first Fresh store in Los Angeles’ Woodland Hills neighborhood in September. It’s since opened 11 other locations elsewhere in California and in Illinois, according to the tech giant’s website. 

Amazon Fresh is the company’s attempt to offer a mix of in-store and online grocery shopping while attracting a distinct demographic from Whole Foods by offering lower prices. Fresh stores also tend to feature more national staple brands like Coca-Cola and Kellogg’s than Whole Foods, which emphasizes organic food. 

As The Post previously reported, Amazon may be looking to scoop up some more Fairway locations to expand Amazon Fresh’s footprint in the Northeast. Only seven of Fairway’s 14 stores were sold at last year’s bankruptcy auction, including the two that went to Amazon. Village Supermarket, which operates Shoprite stores, acquired at least four of those locations as well as rights to the Fairway brand. 

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