“Part of what (social media investment movements are) reflecting is the inability of regulators and market institutions to understand the damage that some of these practices cause,” said Washington, D.C.-based investment analyst William Michael Cunningham, who founded Creative Investment Research. Social media investment movements typically see short sellers as greedy and without value in the market. Many members of the movement are pushing for a short squeeze of AMC’s stock, which would block short sellers. Rocket emojis signify that stock prices are going “to the moon.” HODL stands for “hold on for dear life.” And people with “diamond hands” hold onto stock through dips in the market, while those with “paper hands” sell at the first sign of profit or loss. Reddit investors call themselves apes, or degenerates, and flood chats with gorilla icons and memes. While these subreddits have thousands, even millions, of members, posts can look like they’re written in another language. “Everybody’s there to lift each other up and teach them whatever they need to know about it.” “You can find people from literally any background, and nobody’s going to degrade you or talk down to you just because you don’t know something,” Hugo said. The AMC stock subreddit has over 304,000 members, with thousands of posts and live chats going on 24/7. “I didn’t want to see another Kansas City icon and Kansas City-based company leave or go bankrupt,” Hugo said. After seeing companies like Kansas City Southern and Sprint either leave or concede to mergers, Hugo wanted to help keep AMC in town. When Hugo, an infantry squad leader in the Army, was stationed abroad in Italy, he said investing in Kansas City-area companies felt like a way to connect with home. “If I can retire off this money, and kind of give a big middle finger to the people who have been suppressing the middle class and lower class of the United States and the world for the last few decades,” Hugo said, “then that’s just the cherry on top.” But when he saw how big the movement became, he went all in.Īnthony Hugo, a 22-year-old infantry squad leader in the Army, bought stock in AMC after he saw others investing on social media. Initially, Hugo saw others investing in AMC on Reddit, and he thought it would be a good way to make a quick buck.
Hugo, from Olathe, Kansas, started investing in the stock market two years ago, but he said this is the first time he stopped paying attention to technical analysis. AMC issued a warning June 4 that the price could decrease as the company decided to sell 11 million shares of stock. For comparison, its 52-week low price was $1.91. The stock was temporarily halted for volatility as it hit an all-time high. stock has largely been fueled by so-called apes on Reddit: investors who latch on to certain stocks, then hold on for dear life. Reddit is a social media platform where people create forums, called subreddits, to share posts and chat about specific topics.ĪMC’s stock price nearly doubled on June 2 alone. The meteoric rise of Leawood, Kansas-based AMC Entertainment Holdings Inc. On June 2, the price hit the moon at $72.62. When 22-year-old Anthony Hugo first invested in AMC in February, he and his fellow Redditors were hoping to push the stock price over $8. TheBeacon 6-8-21: KC Based AMC Sees Stocks Soar And Fall.
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