By Thornton McEnery
Adam Aron won’t be selling any more of his AMC Entertainment /zigman2/quotes/200235402/composite AMC -8.03% shares, okay? Because $42 million worth in three months is enough for him and his bankers, okay?
For AMC’s loyal retail investing “Apes,” maybe it’s not okay.
After the company filed a Form 4 with the Securities and Exchange Commission on Wednesday, alerting investors that its memelord chief executive had sold 312,500 more of his shares on Jan. 11, Aron took to Twitter to assure his social-media base that he is down with his prearranged share sale bonanza that has now yielded $42.12 million in profit for the man who leveraged AMC’s meme stock buzz into a full “Planet of the Apes.”
As Aron said in the tweet, he told everyone this would be happening during AMC’s most recent earnings call, but that did not appear to calm the nerves of some still HODLing AMC shares as the stock closed down 9%.
And Aron’s detractors were not being silent even with the forewarning.
“Wasn’t like he wasn’t all ready a millionaire 1%er. Most here hold poor or broke,” moaned one user on subreddit r/AMCStock. “He didn’t need the cash and still paper handed. He took profit apes created . We held. Trust no suit!!!!!!!”
“He used to be the CEO of the 76ers and Carnival cruise ships. If he spent all that money and really needs AMC to have cash then he’s a terrible choice to have as CEO,” declared another. “I’m f—ing pissed.”
And Aron obviously also got some guff from his vocal critics on Twitter:
But there were also a lot of Aron supporters who stayed loyal to their “Silverback.”
“He’s about to retire,” lectured another r/AMCStock user. “We know this. Haters can shut the FUD up.”
“Our CEO said back during the summer he was going to sell some shares now he is done selling time to go back to business,” said another. “AMC to the moon. I’am in.”
Apes also showed their support on Twitter.
The timing of Aron’s final sale was also a schadenfreude gift to some GameStop /zigman2/quotes/203755179/composite GME -3.56% Apes, who have come to resent the linkage of the two biggest meme stocks and pointed out that their Silverback — chairman Ryan Cohen — got involved as an activist investor one year ago and has never sold his stock while focusing on GameStop’s debt and bottom line.
Cohen, who marked his GameStop anniversary in very much his own way on Tuesday , got some social-media support on Thursday in the wake of Aron’s most recent sale.
GameStop stock, however, ultimately fared not much better than AMC on Thursday.
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