AMC Entertainment (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report head Adam Aron is taking more money off the table, selling $7.1 million worth of shares in his company this week, but this is the last time he says.
Aron sold 312,500 shares of the meme stock on Tuesday, according to a regulatory filing.
"Back in August, I said that at age 67 I'd sell some AMC shares toward year-end, all trading decisions out of my hands, under guidelines of a Chase 10-b-5-1 plan spread over 3 months," Aron tweeted Wednesday.
"Those sales are now all finished. I STILL OWN OR PLAN TO VEST IN 2,302,760 AMC SHARES. I am in!"
Adam Aron has sold more than $40 million of stock since November as the stock has lost some of its luster in recent weeks.
AMC shares are down nearly 40% since November, but the stock is still up nearly 900% over the past 12 months thanks in no small part to its popularity as a meme stock on the Reddit message board r/wallstreetbets.
Aron's remaining shares are worth more than $52 million based on AMC's closing price Wednesday. Nearly all of those 2.3 million shares are unvested.
AMC's fans loved hearing the message, based on the the tweet's responses.
But not everyone is buying what Aron is selling.
In December, Aron sold $9.65 million in shares, and the stock tumbled 10% on the news. Separately AMC CFO Sean Goodman sold all of his 18,316 shares for about $565,000.
AMC insiders have sold more than $70 million in shares in 2021 as the stock jumped rose from $2.20 per share to end the year above $28 per share.