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.
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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.
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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 | 3.29 | -0.11 | -3.24% |
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.
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The company has declined to comment on share price moves.