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AMC CEO Adam Aron says he’s finished selling shares after offloading another $7.1 million worth of stock in the movie theater chain

Aron has sold more than $40 million worth of shares in the company since he announced the planned sales in November. ...

adam aron, AMC CEO
AMC CEO Adam Aron.

AMC Entertainment boss Adam Aron sold another $7.1 million worth of shares in his movie-theater company and said he's done selling for now.

Aron, an icon among the millions of retail traders backing his company, has now sold more than $40 million worth of AMC stock in the past few months as part of his plan to diversify his assets for estate-planning purposes. After offloading the latest tranche, the 67-year-old CEO said he's finished selling.

"I am in!" he said in a tweet explaining the sales. 

Aron told investors in a November earnings call that he planned to offload some of his AMC holdings. Filings with the US Securities and Exchange Commission show he sold about $25 million worth of shares in November, about $9.6 million in December, and another $7.1 million this week. 

He still has about 2.3 million shares in AMC, the filings show. That's worth $52 million as of the company's latest closing price. 

AMC has been a leader among the new class of meme stocks beloved by retail traders on social media sites like Twitter and Reddit. The company that once neared bankruptcy amid the first wave of the COVID-19 pandemic has made a comeback, with its stock surging almost 1,000% in the last year, largely thanks to the millions of retail traders backing the shares.

Aron has embraced the company's meme-stock status and reached out to the crowd of individual shareholders backing the company through popular YouTube channels, Twitter, and even in-person meet-and-greets. 

Read the original article on Business Insider

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