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.
- What We Know So Far About the Deadly Earthquakes in Turkey and Syria
- Beyoncé's Album of the Year Snub Fits Into the Grammys' Long History of Overlooking Black Women
- How the U.S. Shot Down the Alleged Chinese Spy Balloon
- Effective Altruism Has a Toxic Culture of Sexual Harassment and Abuse, Women Say
- Inside Bolsonaro's Surreal New Life as a Florida Man—and MAGA Darling
- 'Return to Office' Plans Spell Trouble for Working Moms
- 8 Ways to Read More Books—and Why You Should
- Why Aren't Movies Sexy Anymore?
- How Logan Paul's Crypto Empire Fell Apart