But he is also surprisingly tailor-made for the meme era. He on paper looks like the ultimate suit. He is a 67-year-old Harvard Business School graduate who has been a senior executive for much of his career. He is, on one hand, the polar opposite of an ape investor. So Adam Aron has been CEO of AMC for several years. AMC's CEO, Adam Aron was quick to embrace the movement.Įrich Schwartzel: Yeah. Ryan Knutson: So when a horde of everyday investors calling themselves the apes started buying up a bunch of AMC stock, it was a financial lifeline. Įrich Schwartzel: AMC is very quickly on the brink of bankruptcy. And when they finally reopened, audiences were slow to come back. Across the country, AMC's theaters were shuttered. Ryan Knutson: And the pandemic made a bad situation worse.
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Earnings were going down and attendance had really flat-lined for several years when it came to domestic movie going. Our colleague, Erich Schwartzel, covers the movie business.Įrich Schwartzel: AMC was not doing well. The company's earnings had been in decline for years, as more and more people started streaming movies at home. It's Thursday, December 23rd.Ĭoming up on the show, what happened when the apes took over AMC.ĪMC didn't start the year looking like the market's next hot stock. Welcome to The Journal, our show about money, business, and power. And that's big implications for the company and its leader. Ryan Knutson: Now that ape movement owns AMC. I can make a lot of money here real quick, which I could have. It was about reclaiming the markets for regular people.ĭavid Dumas: I joined AMC in the beginning for the money. But he didn't sell because for David and a lot of other apes, AMC had become about more than just the money. David says that at one point he was looking at over $10,000 in his investment account, more money than he'd ever seen in one place in his life. In June, it shot up even more to 60 bucks, then to 70 bucks. As millions of investors like David jumped in, AMC's stock shot up from $2 at the start of the year to $20 in a matter of weeks. Ryan Knutson: And that gamble seemed to pay off. But again, I knew it was a gamble, but I was excited about it. I figured that millions of us couldn't be wrong. Well, it's going to help me secure my family's future, right? The financial security part of it. I was so convicted in this thing too, that I knew that this was going to be it, that this was going to be. This investment was going to get my foot in the door. Ryan Knutson: Did you think that this investment might give you enough money that you could like pay off your mortgage or. The way that I did that was just through tips and the stimulus. How much money did you put into AMC in the beginning?ĭavid Dumas: $2,600 is what I have into AMC. Everything seemed to be going up, including AMC. Ryan Knutson: David got into investing early this year. I live paycheck to paycheck, which is probably the main reason why I got into investing. Ryan Knutson: But a bigger house doesn't seem likely, not in the near-term anyway.ĭavid Dumas: I've never really had money. I just, I kept coming home and the wife and the kids would always have a new animal every day up to the point I said, "No more, absolutely until we get a bigger house."
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Ryan Knutson: That sounds like a full house.ĭavid Dumas: It is a very full house. I've got three German shepherds and a little Jack Russell. He lives in Colorado in an 1100 square foot home with his wife, three daughters, and a lot of pets.ĭavid Dumas: So I've got four dogs. David is an operations manager at a moving company. It says on the front here, I've got Apes Together Strong, and then I've got on the sleeves, I've got Diamond Hands. Tell me about your shirt.ĭavid Dumas: So my shirt, this is a. Ryan Knutson: One of those self-proclaimed ape investors was David Dumas. The name is a reference to The Planet of the Apes movies, about a band of primates that overthrows mankind. And the new investors who embraced the company, adopted a nickname for themselves, the apes. But one company stood out for the longevity of its rise and for the fervor of its fans, AMC, the movie theater chain. And a lot of companies benefited, Gamestop, Bed Bath & Beyond, Blackberry. People who'd never invested before jumped into the market head first. Ryan Knutson: 2021 was the year of the meme stock. This version may not be in its final form and may be updated. This transcript was prepared by a transcription service.
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