Dad's AMC stock gift to sons balloons in value
Wednesday alone, shares popped more than 100% before closing with a 95% gain
The CEO of AMC Entertainment may be due a very nice Father's Day gift later this month.
Adam Aron gave his two adult sons 500,000 shares of the theater chain’s stock back in March, according to Bloomberg.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
At that time the shares were worth about $3.4 million to each son.
Take into consideration the rocket ride shares have taken, especially this week and each son’s holdings would be worth $15.6 million.
AMC CEO THROWS RETAIL INVESTORS ANOTHER BONE
That is if they held on to them.
Shares of AMC are up 20% in Thursday's premarket trading. Wednesday alone, shares popped more than 100% before closing with a 95% gain, amid three trading halts by the New York Stock Exchange.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.55 | +0.07 | +1.45% |
It's another example of how the day trading assault on AMC shares has made fortunes for the online traders that have pledged their allegiance to the money-losing theater chain.
Aron himself has shares and longer-term grants that are now worth more than $260 million, according to a filing reported by Bloomberg.
CLICK HERE TO READ MORE ON FOX BUSINESS
The company has declined to comment on share price moves.