AMC became the latest casualty of the “meme stock” trend, though this time by its own design. The theater chain announced Thursday it would sell about 11.6 million shares of its stock, The New York Times reports, leading to a 30 percent slide in early trading after being up about 20 percent before the market opened. News of the plan halted the company’s mountainous market climb, with shares reaching a peak of $66 Wednesday after the company announced it would offer shareholders free large popcorns, among other benefits. It’s also the latest instance of stocks rising then free-falling thanks to social-media users, after the spring wave of GameStop, Nokia, and other stocks skyrocketing amid a Reddit buying campaign. AMC was also part of that surge, reaching a height of $20 after starting the year at $2. It’s currently trending at about $50.
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