In a sign that managing 4 million retail shareholders isn’t all fun and games, AMC Entertainment CEO Adam Aron said most advice het gets in voluminous social media correspondence is “well intended” but “some may be hurled at us with an intent of actually harming me or the company.” It’s the first time he’s publicly called out any problem with the new fan-run regime.The giant theater chain’s stockholder base has completely turned over since the pandemic.
Institutions were mostly replaced by individual retail traders from Reddit chatrooms and across social media who began to pile into the shares in early 2021 in the “meme stock” phenomenon.
It’s an incredibly unusual shift that Aron has handled deftly (he discussed how in an interview with Deadline from CinemaCon).
Meme investors saved AMC from bankruptcy, squeezing short sellers, who borrow stocks betting the price will fall. But continued volatility has generated hard-to-prove financial manipulation conspiracy theories among some of the circuit’s shareholders.“I think it is well known that I write my tweets myself and I actively read my inbound twitter feed.
Read more on deadline.com
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