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Meme Stock: AMC CEO’s Wealth Surged More Than $200M From Retail Investor Rally

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AMC Entertainment-Investorsking

AMC Entertainment CEO Adam Aron has seen his wealth soar by more than $200 million since the start of the year thanks to a retail-investor fueled rally, according to securities filings.

The theater chain, which has become a favorite of retail investors and social media message boards, has seen its stock surge by more than 1,600 percent in 2021. AMC shares more than doubled in fevered trading Wednesday. They also set an all-time high of $72.62, which was far above their previous record share price.

Aron’s shares were worth about $8 million at the start of 2021, according to share data compiled by Equilar. Those shares are now worth over $220 million, which means the rally has added more than $210 million to his net worth.

While Aron hasn’t sold any shares, according to securities filings, he gifted 500,000 shares to his two sons in March. Those shares are now worth over $25 million.

While Aron may have “diamond hands” when it comes to his AMC shares — to use a popular expression on social media for holding on to a stock — other executives of the company have been cashing out a significant portion of their holdings. All together, AMC executives have sold more than $4 million in stock since the beginning of March.

The company’s chief content officer, Elizabeth Frank, sold 100,000 shares in March for a total of $1.1 million, according to filings. Senior vice president and general counsel Kevin Connor sold more than 72,000 shares in mid-March for a total of $983,000. The most recent filing shows chief marketing officer Stephen Colanero selling 15,000 shares for a gain of $411,000.

The company didn’t respond to a request for comment. It’s unclear whether any of the sales were part of a pre-scheduled share-sale program.

The stock sales and run-ups show how the new generation of meme-stocks — like GameStop, Koss and BlackBerry — have created large wealth for inside holders. It also shows that Aron’s strategy of courting retail investors with memes, expressions of support on social media — not to mention free popcorn and movie screenings — has become highly lucrative.

“Cultivating relationships with retail investors is smart,” tech entrepreneur and Zillow co-founder Spencer Rascoff said. “It’s one of the reasons that many companies, especially consumer companies, go public in the first place.”

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Technology Has the Most Millennial Billionaires; $254.5 Billion in Combined Net Worth

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Mark Zuckerberg - Investors King

The technology sector has the highest number of millennial billionaires (23 – 38 years old) with a combined net worth of $254.5 billion and 28 billionaires.

In the latest data from Forbes, finance and investments came second with $24.6 billion in combined net worth and 8 millennial billionaires as shown below.

The Industries with the Most Millennial Billionaires

Rank

Industry

No. of Millennial Billionaires

Collective Net Worth of Millennial Billionaires in Industry (USD$ – Billion)

1.

Technology

28

$254.5

2.

Finance and Investments

8

$24.6

3.

Automotive

6

$17.2

3.

Fashion & Retail

6

$27

3.

Healthcare

6

$11

3.

Media and Entertainment

6

$37

4.

Manufacturing

5

$14.1

5.

Metals and Mining

4

$6.4

5.

Property

4

$9.9

6.

Energy

2

$7.7

6.

Food and Beverage

2

$8

7.

Service

1

$1.2

8.

Construction & Engineering

0

$0

8.

Gambling and Casinos

0

$0

8.

Logistics

0

$0

8.

Sports

0

$0

8.

Telecommunications

0

$0

According to the data, there are presently 78 millennial billionaires in the world with an astonishing combined net worth of $418.6 billion.

Mark Zuckerberg, CEO and Co-founder, Facebook Inc, led with a sizeable net worth of $97 billion. Followed by Zhang Yiming, the founder of the content media platform, ByteDance, who has a net worth of $35.6 billion. See the top 10 below.

The 10 Richest Millennial Billionaires in the World:

The 10 Richest Millennial Billionaires in the World

Rank

Name

Age

Industry

Net Worth (USD$ – Billion)

1.

Mark Zuckerberg

36

Technology

$97

2.

Zhang Yiming

37

Technology

$35.6

3.

Dustin Moskovitz

36

Technology

$17.8

4.

Pavel Durov

36

Technology

$17.2

5.

Lukas Walton

34

Fashion and Retail

$15.6

6.

Cheng Yixiao

37

Media and Entertainment

$14.1

7.

Nathan Blecharczyk

37

Technology

$12.4

8.

Bobby Murphy

32

Technology

$11.9

9.

Evan Spiegel

30

Technology

$11.1

10.

Sam Bankman-Fried

29

Finance and Investments

$8.7

10.

Agnete Kirk Thinggaard

37

Manufacturing

$8.7

 

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Jeff Bezos Sells Over $1.95B Worth Of Amazon Shares Within Two Days

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Jeff Bezos

According to the fillings with the Securities and Exchange Commission, the CEO of Amazon, Jeff Bezos sold nearly $2 billion worth of his shares in his company.

SEC Filings revealed that Bezos sold roughly $684 million worth of Amazon shares on Tuesday, after unloading about $1.27 billion worth of stock on Monday. This brought the total shares he sold to about $1.95 billion in the past two days.

Bezos sold around 739,000 shares this week under a pre-arranged trading plan, according to U.S. Securities and Exchange Commission filings. He plans to sell as many as 2 million shares, according to a separate filing.

The sales come one week after Amazon reported first-quarter earnings results, trouncing Wall Street’s expectations as its business continues to be buoyed by the pandemic-fueled surge in e-commerce activity.

Bezos has accelerated his stock sales in recent years, previously unloading nearly $4.1 billion worth of shares last February. Bezos sold more than $3 billion worth of Amazon shares last November.

The Amazon founder previously said he’d sell about $1 billion in Amazon stock each year to fund his space exploration company, Blue Origin, which continues to grow and on Wednesday announced it will launch its first astronaut crew to space this summer.

Bezos also earmarked additional capital for the Day One Fund, the organization he launched in September 2018 to provide education in low-income communities and combat homelessness. Last November, the fund awarded $98.5 million in grants to 32 groups.

These initiatives are expected to become a greater focus for Bezos once he steps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman on Amazon’s board.

Jeff Bezos sold about $2.5 billion of Amazon stock, his first big disposal this year after offloading more than $10 billion worth of shares in 2020.

The world’s richest person continues to hold more than 10 percent of Amazon, the primary source of his $191.3 billion fortune, according to the Bloomberg Billionaires Index.

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Elon Musk Could Hit $30B In Compensation Despite No Salary Deal

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Elon Musk's SpaceX Raised $850 million at $74 billion valuation

Elon Musk and noted Dogefather famously doesn’t accept his salary from Tesla, however, the CEO is entitled to a generous compensation plan that could hit around $30 billion this year.

In 2018, shareholders approved a very generous CEO compensation plan that consists of an important amount of stock options that he can unlock if Tesla achieves certain milestones.

The milestones consist of increases in revenue, adjusted EBITDA, and new goals for Tesla’s market valuation.

Last year, Musk unlocked the first tranche of his compensation plan, which was worth about $800 million.

Now Tesla has consistently delivered profits and maintained a high market capitalization since then — resulting in Musk unlocking several more tranches of his compensation plan.

With Tesla delivering over $10 billion in revenue and EBITDA of $1.8 billion last quarter, Musk unlocked the fifth and sixth tranches.

The CEO has yet to exercise those options, but if he were to exercise them, it would receive over $30 billion worth of Tesla stocks — likely making him the best-paid executive in the world.

And that would only be for half of the CEO compensation plan.

If Tesla keeps moving in that direction and Musk unlocks the other six tranches in his compensation plan, the CEO stands to easily make over $100 billion.

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