what is the story with this F-4 Phantom?

Hi, I just “bumped” into this photo, by accident, I don’t know where it comes from or when or where was taken and by whom…

Anyhow, does anyone here knows, what’s the story with it?

Is it really flying with wings folded, or is anyone aware of anything similar happening, with another aircraft etc.

Thanks,

Regards,

LM