Business

How AMC Monkeys Hacked Wall Street

With over 100 years of history, theater chain AMC Entertainment has been on a frantic race this year, losing $ 4.6 billion in revenue in 2020. The coronavirus pandemic has pushed the company to the brink of bankruptcy, but today it has a market capitalization of over $ 18 billion thanks in part to a group of 4.1 million retail investors who now own 80% of the company.

Some of these retail investors call themselves “monkeys,” jokingly on Wall Street, calling them “dumb money.” In the digital uprising on Reddit, Twitter and YouTube, they jumped into stocks, providing AMC with a billion dollar lifeline.

The company’s CEO, Adam Aron, is one of the most interesting characters in this whole drama because he leaned towards AMC’s “meme status”.

Aron communicates directly with retail investors on social media, and he incorporates their ideas for the company, such as cryptocurrency adoption in AMC theaters, into his strategy. The CEO is known for helping companies in trouble and is willing to fight to save this one.

“We now have a mass valuation of our company in terms of market capitalization, and we need to grow to this valuation,” said Aron. “And I think as the next six, 18, 30 months pass, you will see AMC expand and do more interesting things. And that will be the definition of success. “

CNBC’s Melissa Lee spoke to Aron about his plans to revive the company, as well as some of the monkey’s most powerful personalities – Trey Collins, aka Tray’s Trades, and Matt Kors – to find out why the monkeys think Wall Street is rigged and that they are represent themselves. trying to do with it.

Watch the video to see the full story.


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