As theater chain AMC struggled amid the pandemic, internet-savvy investors last year turned the company into a “meme stock,” making it popular despite shaky fundamentals. By gobbling up shares, those traders boosted AMC’s price, squeezing traditional investors betting against the firm. CEO Adam Aron sold more stock to raise money and courted the meme-stock crowd via Twitter, thereby helping the company survive. “It’s pleasing to be their champion,” Aron says of the meme stockers, “because Wall Street has in the past thumbed its nose at these people.”
A weekly newsletter featuring conversations with the world’s top CEOs, managers, and founders. Join the Leadership Brief.
- The Fall of Roe and the Failure of the Feminist Industrial Complex
- What Trump Knew About January 6
- Follow the Algae Brick Road to Plant-Based Buildings
- The Education of Glenn Youngkin
- The Benefits and Challenges of Cutting Back on Meat
- Here's Everything New on Netflix in July 2022—and What's Leaving