But who’s buying? CEO Adam Aron is schmoozling and bamboozling the Reddit crowd.
By Wolf Richter | 5 June 2021
WOLF STREET — There has been a paradigm shift: As of now, it would be no big deal for AMC Entertainment, which lost $4.6 billion in 2020, if Americans don’t go back to the movies to the extent they did before – I mean, why would they, with the big screens and fancy sound systems and cheap popcorn they have at home and the limitless choices they have via their streaming services? It would be no big deal because AMC is now in the business of selling its own shares and riding the meme-stock crazy-train.
While CEO Adam Aron is schmoozling and bamboozling the Reddit crowd, insiders and executives are dumping their shares hand over fist.
Gary Locke, a member of AMC’s Board of Directors, is the king of share sales in terms of the portion of his stake that he dumped on Thursday: 63.7% of his holdings, according to SEC filing on June 4. He obtained on average $49.82 per share for the 34,293 shares he sold, walking away with $1.71 million. […]