Matt Levine’s Money Stuff: Opendoor Did Some Warrants

Opendoor warrants

Normal shareholders of normal companies want the stock to go up. Shareholders of meme stock companies want that, but they also want something else. The additional thing that they want can perhaps be labeled “fun,” and it comes in various forms. AMC Entertainment Holdings Inc. was a big and self-conscious meme stock, and it amused its shareholders by giving them popcorn and buying a gold mine and having its chief executive officer do a YouTube interview with no pants on. Those techniques are not in the corporate finance textbooks, but they made sense in AMC’s situation. ...