AMC makes its own meme movie - Reuters

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Closed signs are seen on an AMC Theatre during the outbreak of COVID-19 in New York City, April 29, 2020. REUTERS/Brendan McDermid

It’s hard to keep up with the plot twists. AMC Entertainment (AMC.N), the movie theater chain that wasn’t far from collapsing last year , is now worth nearly $30 billion after its stock surged again on Wednesday, almost doubling as of 1:30 p.m. ET and bringing the year-to-date gain to around 3,000%.

In part, it’s an overshoot after the dire lockdown situation last year. But AMC has also become a social media-fueled meme stock in the GameStop (GME.N) tradition. The company just took full advantage, raising more than $230 million from hedge fund Mudrick Capital Management at a small premium to Friday’s closing stock price. In a move worthy of Warren Buffett on steroids, Mudrick had already sold its shares at a profit by Tuesday read more , the same day AMC announced the investment.

AMC is playing to its meme audience in other ways, too. On Wednesday it set about communicating more directly with retail shareholders numbering more than 3 million. The initial incentive, fittingly for AMC share-price watchers, is free popcorn. (By Richard Beales)

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AMC makes its own meme movie - Reuters
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