The Humble Emoji Has Infiltrated the Corporate World
An anonymous reader shares a report: A court in Washington, D.C., has been stuck with a tough, maybe impossible question: What does full moon face emoji mean? Let me explain: In the summer of 2022, Ryan Cohen, a major investor in Bed Bath & Beyond, responded to a tweet about the beleaguered retailer with this side-eyed-moon emoji. Later that month, Cohen -- hailed as a "meme king" for his starring role in the GameStop craze -- disclosed that his stake in the company had grown to nearly 12 percent; the stock price subsequently shot up. That week, he sold all of his shares and walked away with a reported $60 million windfall. Now shareholders are suing him for securities fraud, claiming that Cohen misled investors by using the emoji the way meme-stock types sometimes do -- to suggest that the stock was going "to the moon." A class-action lawsuit with big money on the line has come to legal arguments such as this: "There is no way to establish objectively the truth or falsity of a tiny lunar cartoon," as Cohen's lawyers wrote in an attempt to get the emoji claim dismissed. That argument was denied, and the court held that "emojis may be actionable." The humble emoji -- and its older cousin, the emoticon -- has infiltrated the corporate world, especially in tech. Last month, when OpenAI briefly ousted Sam Altman and replaced him with an interim CEO, the company's employees reportedly responded with a vulgar emoji on Slack. That FTX, the failed cryptocurrency exchange once run by Sam Bankman-Fried, apparently used these little icons to approve million-dollar expense reports was held up during bankruptcy proceedings as a damning example of its poor corporate controls. And in February, a judge allowed a lawsuit to move forward alleging that an NFT company called Dapper Labs was illegally promoting unregistered securities on Twitter, because "the 'rocket ship' emoji, 'stock chart' emoji, and 'money bags' emoji objectively mean one thing: a financial return on investment."
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