By Dhirendra Tripathi
Investing.com – AMC Entertainment stock (NYSE:AMC) fell 8% Friday following another sale of the company’s shares by CEO Adam Aron.
Aron, CEO of the multiplex chain since 2016, Tuesday sold 312,500 shares worth $9.64 million, according to a regulatory filing. That followed recent sales totaling more than $25 million.
Aron still owns 95,997 shares, according to the filing, excluding about 2.9 million issuable if he meets certain targets.
In a separate transaction, the Chief Financial Officer Sean Goodman sold 18,316 shares for about $565,000. That excludes about 600,000 shares that are subject to continued service or targets.
The sales were according to plans disclosed earlier. Aron has said the sales are part of his estate planning.
Aron is a frequent user of Twitter (NYSE:TWTR) and uses the platform to get feedback on his plans, and also to update his followers on the next move of the theater-chain including the next crypto it will accept.
Aron joins a long list of CEOs and Fortune 500 executives including Microsoft’s Satya Nadella, Apple’s Tim Cook, Tesla’s Elon Musk and Blackstone’s Hamilton E. James who have used the record highs in the stock market to liquidate part of their holdings for various reasons in recent months.
The AMC stock has gained nearly 14-fold this year.