A firm who was named in the top 10 hedge funds shorting AMC back in 2022 has now purchased a whopping 300k shares of the entertainment company.
In a recent filing with the Securities and Exchange Commission (SEC), Susquehanna Fundamental Investments LLC disclosed a new stake in AMC Entertainment Holdings, Inc. (NYSE:AMC), acquiring 299,301 shares in the fourth quarter of 2024.
Valued at approximately $1,191,000, this purchase has sparked curiosity and skepticism among retail investors, particularly given Susquehanna’s historical involvement with AMC as one of the top hedge funds shorting the stock in 2022.
Today we’re going over Susquehanna’s latest investment, its controversial past with AMC, and the suspicions among retail investors that these newly acquired shares may be intended for lending to facilitate short selling.
Let’s get started!
Susquehanna’s Acquisition: A Closer Look
According to the SEC’s Form 13F filing, Susquehanna Fundamental Investments LLC, a subsidiary of the broader Susquehanna International Group (SIG), purchased 299,301 shares of AMC Entertainment in the final quarter of 2024.
This stake represents a modest but notable position in the movie theater chain, which has been a focal point for retail investors since the meme stock frenzy of 2021.
At the time of the filing, the shares were valued at roughly $1.19 million, reflecting AMC’s volatile stock price, which has fluctuated significantly over the past few years due to market dynamics and retail-driven trading activity.
AMC Entertainment, the largest movie theater chain in the United States, has faced a tumultuous period marked by pandemic-related closures, debt restructuring, and a retail investor-led movement to squeeze short sellers.
The company’s stock remains highly volatile, driven by both fundamental challenges in the entertainment industry and speculative trading.
Retail investors have urged regulators to investigate anomalies in the company’s trading patterns, suggesting market manipulation is at play for suppressing the share’s price.
Susquehanna’s decision to acquire a stake in AMC comes at a time when the company is navigating a post-pandemic recovery, with efforts to diversify revenue through premium screenings and alternative content like live events.
While the purchase itself is straightforward, it has reignited scrutiny from retail investors who have long viewed Susquehanna with suspicion due to its history of shorting AMC.
The firm’s sudden shift from a bearish to a bullish position—or at least the appearance of one—has raised questions about its true intentions.
Bookmark: Hedge Fund That Shorted AMC Is Now Liquidating
A History of Shorting AMC
Susquehanna’s relationship with AMC Entertainment has been contentious, particularly during the height of the meme stock saga in 2021 and 2022.
In 2022, Susquehanna was identified as one of the top 10 hedge funds holding significant short positions against AMC, according to data compiled by market analysts.
This list included:
- Simplex Trading LLC
- Susquehanna International Group LLP
- Citadel Advisors LLC
- 683 Capital Management LLC
- Anchorage Capital Group LLC (Defaulted)
- Group One Trading LP
- Wolverine Trading LLC
- Bank of America Corp DE
- Millennium Management LLC
- Piction Mahoney Asset Management
Short selling involves borrowing shares and selling them with the expectation of buying them back at a lower price, profiting from the price decline.
This strategy, while common among hedge funds, became a lightning rod for retail investors who accused institutional players like Susquehanna of manipulating AMC’s stock price to suppress its value.
Retail investors, organized through platforms like Reddit’s r/WallStreetBets and X, rallied around AMC, viewing it as a battleground against Wall Street elites.
They argued that heavy shorting by firms like Susquehanna contributed to downward pressure on AMC’s stock, preventing it from reflecting its true value.
Posts on X from 2022 highlight the sentiment, with users like @iAnonPatriot noting Susquehanna’s substantial short position in AMC alongside its large portfolio of S&P 500 call options, suggesting a complex hedging strategy that retail investors found opaque and potentially manipulative.
In May 2023, another X user, @Christalball93, pointed to Susquehanna’s massive options activity in AMC, including $120 million in call options, $177 million in put options, and a $26.9 million stake in AMC shares.
The user speculated that Susquehanna’s accumulation of shares could be related to resetting failure-to-deliver (FTD) obligations or lending shares to other short sellers, further fueling distrust.
These posts reflect a broader sentiment among retail investors that Susquehanna’s actions were not always aligned with the interests of AMC’s retail shareholder base.
Also Read: AMC CEO Adam Aron Now Addresses Further Shareholder Concerns
Retail Investors’ Suspicions: Share Lending as a Motive
The recent purchase of 299,301 AMC shares by Susquehanna has prompted retail investors to question whether the firm’s intentions are as straightforward as they appear.
A prevailing theory, voiced on platforms like X, is that Susquehanna acquired these shares not to bet on AMC’s long-term success but to lend them out to other short sellers.
Share lending is a common practice in which institutions loan their shares to traders who wish to short a stock, earning fees in the process.
Given AMC’s high short interest—often cited as one of the most shorted stocks in the market—this strategy could be lucrative for Susquehanna.
A post on X from May 4, 2025, by @PipandSammy specifically raised this concern, noting Susquehanna’s history as an AMC shorter and questioning the purpose of the new stake.
The user suggested that the shares might have been purchased to lend out, allowing Susquehanna to profit from short-selling activity while maintaining a neutral or even bullish public stance.
This suspicion is rooted in the mechanics of short selling: to short a stock, traders must borrow shares, and institutions like Susquehanna can supply those shares for a fee, especially for stocks like AMC with high borrowing costs due to elevated short interest.
Retail investors also point to Susquehanna’s broader market-making activities as evidence of potential conflicts of interest.
As a major market maker, Susquehanna facilitates trading in equities and options, often taking both long and short positions to manage risk.
The hedge fund was fined last year by Cboe Exchange for failing to report some of is transactions.
Susquehanna was also named alongside Citadel Securities LLC and four other Wall Street firms for engaging in spoofing against Northwest Biotherapeutics (NWBO) in 2022.
These firms filed a motion to dismiss the case but a court denied it in March 2025.
Also Read: AMC CEO Adam Aron Now Teases A Win for Investors
The Broader Context: AMC’s Ongoing Battle
AMC Entertainment remains a lightning rod for retail investors, who see the company as a symbol of resistance against institutional dominance in the markets.
Despite operational challenges and some division, AMC has maintained a loyal retail investor base.
The company’s management, led by CEO Adam Aron, has capitalized on this support through unconventional moves like issuing preferred equity units (APE) and leveraging social media to engage with shareholders.
APE, though it diluted shareholders — leading to significant portfolio drawdown — provided the company with the capital required to survive.
At the moment, AMC’s high short interest continues to fuel speculation and volatility.
According to market data, AMC has consistently ranked among the most shorted stocks, with short sellers betting against its ability to recover fully from the pandemic’s impact.
Susquehanna’s history as a major short seller in 2022 places it squarely in the crosshairs of retail investors, who view its recent share purchase as a potential tactic to maintain influence over AMC’s stock price dynamics.
Also Read: Trump Media Says Senator Warren Has Protected Hedge Funds and Naked Short Selling
Susquehanna’s Perspective: A Strategic Pivot?
From Susquehanna’s perspective, the purchase of AMC shares could reflect a strategic pivot or a hedging strategy rather than a deliberate attempt to manipulate the market.
As a market maker and hedge fund, Susquehanna engages in complex trading strategies that often involve balancing long and short positions to manage risk.
The acquisition of 299,301 shares could be part of a broader portfolio adjustment, especially given AMC’s volatility, which offers opportunities for profit through options trading and share lending.
It’s also possible that Susquehanna sees value in AMC’s potential recovery, thought this scenario might be less likely due to the toxic and natural behavior of the hedge fund industry.
AMC has taken steps to strengthen its balance sheet, including debt refinancing and cost-cutting measures.
While the company’s fundamentals remain challenging, a stabilization in the entertainment industry could justify a modest bullish position amongst institutions.
However, without further disclosures from Susquehanna, retail investors are left to speculate about the firm’s true motives.
Also Read: Trump Is Now Taking on Illegal Short Selling After Threat
Trust and Transparency in Question
Susquehanna Fundamental Investments LLC’s purchase of 299,301 AMC Entertainment shares has reignited tensions with retail investors, who remain wary of the firm’s intentions given its history of shorting the stock.
The suspicion that these shares may be used for lending to short sellers reflects broader concerns about transparency and fairness in the markets.
While Susquehanna’s actions may be part of a legitimate trading strategy, its predatorial history certainly fuels distrust among AMC’s retail investor base.
As AMC continues to navigate its recovery and retail investors maintain their vigilance, Susquehanna’s role in the saga underscores the ongoing battle between Wall Street institutions and the retail trading community.
Whether this purchase signals a genuine shift in strategy or a continuation of complex market-making tactics, it has undoubtedly added another layer of intrigue to AMC’s volatile journey.
But I’m curious to know what you think — leave your thoughts below.
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Also Read: Investors now urge President Trump to investigate naked short selling in formal letter
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