AMC is down over 10% today alone and over 40% in the past week. What is causing this hype stock to crash? Adam Aron, chief executive officer of AMC Entertainment Holdings Inc., sold another $9.65 million in shares of the meme-driven theater stock, following sales that he had said were prudent for estate planning.
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Aron, who has led the struggling movie-theater chain since 2016, sold 312,500 shares on Dec. 7 for $30.867, according to a regulatory filing Thursday after markets closed. That followed recent sales valued at more than $25 million.
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