“Is jiu-jitsu securities fraud,” I asked in this column a few months ago, because that is kind of my schtick. Specifically, Mark Zuckerberg, the chief executive officer of Meta Platforms Inc., likes to do mixed martial arts, and he occasionally gets injured doing so. If he got badly injured, that might be bad for Meta’s stock price. If that were to happen, under the theory of “everything is securities fraud,” some Meta shareholders might sue the company, claiming that this risk was not sufficiently disclosed.

Again, this is my schtick, but I didn’t mean it all that seriously in this case. “I can’t really imagine Meta getting sued for this if Zuckerberg gets a concussion,” I wrote. But I went on:

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