AMC Chief Executive Adam Aron expressed his distress over the recent decline in the company’s shares, attributing it to the lasting impact of the COVID-19 pandemic on the movie-theater industry. In a message posted on X (formerly known as Twitter), Aron acknowledged the difficulty of focusing on anything but guiding AMC through these challenging times. Nevertheless, he took a moment to celebrate greatness by highlighting Philadelphia 76ers center Joel Embiid’s remarkable achievement of scoring 70 points in a game against the San Antonio Spurs.
Record Lows for AMC Stock
AMC, the once-beloved meme stock, has experienced a string of record low stock prices. On January 17, the stock endured a six-day losing streak and reached its lowest closing point at $4.11. Although AMC shares managed to recover slightly for two consecutive days, the latest session ended with a marginal 0.7% decrease, settling at $4.48.
The Decline of AMC’s Meme-Stock Status
The current downward trend in AMC’s market performance signifies the fading presence of its meme-stock status. This is a stark contrast to the company’s heyday during the meme stock frenzy when its shares surged to an all-time high of $339.05 on June 2, 2021.
Contributing Factors to AMC’s Stock Slide
According to Stocktwits, the exhaustion of investors has played a role in the decline of AMC’s stock prices.
Aron and AMC: A Tale of Success and Resilience
Aron, a dedicated user of X, boasts an impressive following of more than 311,000 people. Recently, he took to this platform to express AMC’s “eternal gratitude” towards Taylor Swift, as her concert film shattered yet another record.
Not only is AMC showcasing the highly successful “Taylor Swift: The Eras Tour” concert film in their theaters, but they also serve as the film’s theatrical distributor. Teaming up with sub-distribution partners such as Variance Films, Trafalgar Releasing, Cinepolis, and Cineplex Inc., AMC has secured agreements with over 8,500 movie-theater operators worldwide to screen this remarkable production.
Aron made waves at the turn of the year when he vehemently criticized those who anticipated AMC’s downfall in 2023. Directing his message at the “prophets of doom,” he confidently stated, “It is December 31, so we all know that YOU WERE WRONG. AMC is still here, still innovating, still blazing new trails.” Aron then took a moment to wish a Happy New Year to everyone else, humorously referring to them as “apes,” a term often used by the investors who turned AMC into a viral sensation.
Despite experiencing a staggering 90.8% decline in its shares over the past 52 weeks, AMC remains resilient. In contrast, the S&P 500 index has seen a positive gain of 20.7%.
Related: AMC CEO Slams ‘Prophets of Doom,’ Ushering in a Trailblazing 2024
The story of Aron and AMC epitomizes success in the face of adversity. From expressing gratitude to Taylor Swift to debunking naysayers, this duo inspires both loyalty and innovation. While challenges persist, their unwavering determination promises a remarkable journey ahead.
