Meme stocks continue to tumble as retail investors digest so much news

Meme stocks continue to tumble as retail investors digest so much news

Adam Aron may want to put down the popcorn, and Ryan Cohen might want to keep tweeting.

Shares in AMC Entertainment AMC, -6.86% closed down 6.9% on Friday, capping off a very rough week for the stock after reports that its memelord CEO sold another large tranche of his AMC shares and made the rare decision to disappoint his retail investor shareholders by publicly pouring cold water on a virally popular plan to protect the stock against short sellers.

AMC disclosed in an SEC filing Thursday afternoon that Aron and his CFO Sean Goodman recently sold 312,500 and 18,316 insider shares, respectively. All in, the two executives cashed out to the combined tune of just over $10 million.

This is Aron’s second major insider sale in as many months from which he looks to have pocketed more than $30 million. For his part, Goodman…

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