AMC CEO Defends Share Sale To Reassure Investors
(Bloomberg) -- AMC Chief Executive Officer Adam Aron defended his decision to sell 625,000 shares of the company on Tuesday, reminding investors that he had repeatedly said before that he would do so.
“I publicly said months ago and again Monday, now at age 67, it’s prudent to diversify assets for estate planning,” he wrote Wednesday on Twitter. “I believe in AMC.”
Several so-called “apes,” followers of AMC stock, responded to Aron’s tweet saying they continued to believe in the company.
On an earnings call Monday, Aron outlined his plans to sell some of his holdings in the company, predicting that some would use the transaction to try to spread fear and doubt about AMC’s future.
AMC shares were down 4.1% Wednesday after an 11.4% fall in the previous session.
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