The more than 100-year-old movie theater chain, AMC Entertainment, has been on a wild ride this year after losing $4.6 billion dollars in revenue in 2020. The pandemic pushed the company to the brink of bankruptcy, but in October 2021 its market cap was higher than $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 andquot;apes,andquot; a play on Wall Street referring to them as andquot;dumb money.andquot; In a digital uprising on Reddit, Twitter and YouTube, they have jumped into the stock giving AMC a billion dollar lifeline.
The company’s CEO, Adam Aron, is one of the most interesting characters in this whole drama because he has leaned into AMC’s andquot;meme stock status.andquot;
Aron communicates with retail investors directly on social media and he’s incorporating their ideas for the company, like accepting crypto at AMC theaters, into his strategy.
CNBC’s Melissa Lee interviewed Aron about his plans to revive the company, as well as some of the ape’s biggest influencers — Trey Collins, known as Trey’s Trades, and Matt Kohrs, to hear why the apes think Wall Street is rigged, and what they are trying to do about it. Watch the video for the full story.
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
How The AMC Apes Cracked Wall Street