Aron revealed he sold another tranche of AMC shares worth $7.1 million this week in a filing with the Securities and Exchange Commission on Wednesday. Since last November, Aron hasAt the time, the CEO of the world’s largest movie theater chain said he was turning 67 in September, and that he was selling shares for estate planning purposes.
“Prudent estate planning suggests I should diversify my assets a bit, especially with Congress having been discussing imposing potentially soaring capital gains tax rates and significant changes to what can be passed on to one’s heirs,” Aron said. Aron’s sale come as AMC has been anointed with meme stock status, thanks to amateur traders propping up the stock, and propelling its share price upwards. A year ago, AMC’s $2 a share stock was jolted to a high of over $56 a share. The cinema chain’s stock has dipped in recent months and landed at $22.72 at the end of the day Wednesday.
Last year, AMC CEO Adam Aron told investors he was planning on selling stock for estate planning purposes.“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. “Those sales are now all finished. I STILL OWN OR PLAN TO VEST IN 2,302,760 AMC SHARES.
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