How the AMC apes are taking on Wall Street
AMC Entertainment has been on a wild ride in 2021 after losing $4.6 billion dollars in revenue in 2020. The pandemic pushed the company to the edge of bankruptcy, but today its market cap is more than $18 billion thanks, in part, to millions of retail investors who now own 80% of the company.
Some of these retail investors call themselves "apes," a play on Wall Street referring to them as "dumb money." In a digital uprising on Reddit, Twitter and YouTube, they have jumped into the stock giving AMC a lifeline.
AMC's CEO, Adam Aron, is one of the most interesting characters in this whole drama because he has leaned into AMC's "meme stock status." He communicates with retail investors directly on social media and he's incorporating their ideas for the company into his strategy.
CNBC's Melissa Lee interviewed Aron about his plans to revive AMC, 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.