Adam Aron is the CEO of AMC.
Mario Anzuoni is pictured.
AMC insiders have sold $70 million worth of shares this year, with Chief Executive Officer Adam Aron leading the sales.
AMC's 2,000% rally so far this year has been powered by the meme-stock craze and the company's large base of retail investors.
Many of the sales were pre-planned, but previous years have seen a fraction of the amount of insiders selling shares. AMC did not respond to Insider's request for comment.
Aron has become known as a leader of the retail traders, who call themselves apes and fondly named him "Silverback," a top male gorilla.
Aron sold $25 million worth of shares, even though he believed in the company. He told investors that 85% of his net worth was tied to AMC stock, so he needed todiversify his assets for estate planning.
"I don't want you to think that I have any doubts about AMC's future, I have full confidence in it," he said.
The CFO of the company sold shares this year. He dumped all of his AMC stock for $8.5 million, and has the chance to get more in the future.
AMC's Chief Marketing Officer and General Counsel are among the sellers.
At 1:45 p.m., AMC stock was trading at $41.50 in New York. The company has tried to reach out to its retail traders this year by accepting cryptocurrencies like dogecoin and creating a rewards program that offers investors perks like free popcorn.
Business Insider has an original article.
