Robinhood Reports AMC at $417 Billion Market Cap
Robinhood (NASDAQ:HOOD) and other brokerages have been reporting AMC Entertainment (NYSE:AMC) at a $417 billion market cap and even $421 billion market cap.
This puts AMC Entertainment up with Facebook in terms of market cap, per the reportings.
Many shareholders have been sharing screenshots of what CEO Adam Aron believes to be discrepancies from these brokers.
The CEO said on Friday data sources are under review for accuracy after several sources, including MarketWatch, were reporting the company’s equity APE (NYSE:APE) of also having a 93.79 billion market cap.
Both AMC and APE are displaying what shareholders believe to be the true value of the securities.
Few skeptics have written off the data as simply ‘glitches’ from brokers.
AMC CEO Adam Aron has demonstrated displeasure towards these reports.
“Market Watch currently showing 93.79 billion APEs outstanding. Clearly WRONG, wildly so. We are calling them now demanding this get corrected immediately. Also reviewing many other data sources to check for accuracy. So curse-word-here irresponsible that they publish false info,” said the CEO on Twitter.
Adam Aron has previously shown a strong dislike for market manipulation talks, urging investors to focus on AMC’s fundamentals instead.
Some shareholders are rather confused by the CEOs reactions, who alleged people of possibly photoshopping their screenshots.
This has led shareholders to encourage Adam Aron to begin looking into the manipulation of AMC stock.
AMC FINRA and NYSE FTD Update
Earlier in March, Adam Aron announced that the company has contacted both FINRA and the NYSE to look closely at the trading of their stock.
“Many of you, and we, are aware that AMC Entertainment has been on ‘The Threshold List‘ for 3+ weeks, indicating a number of FTDs.
Some of you may be pleased to learn that we have contacted both FINRA and the NYSE asking that they both look closely at the trading of our stock.”
But Adam Aron nor AMC have released a formal document confirming the claims reaching out to the NYSE or FINRA.
This has led some investors to speculate the announcement was aimed at getting shareholders to vote yes for the proposals that have now been passed.
Investors have not heard back on an update from the CEO on what FINRA or the NYSE had to say about the alarming number of FTDs, which are usually a clear sign of naked shorting, per Investopedia and Business Insider.
What we know is that AMC was removed from the NYSE Threshold Securities List shortly after Adam Aron’s announcement — the stock plunged shortly after.
This is contrary to what the SEC rules say is supposed to happen once a security is listed after 13 consecutive days.
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