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The Journal.

How The 'Apes' Took Over AMC

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 23 December 2021

⏱️ 9 minutes

🧾️ Download transcript

Summary

AMC, the world's largest movie-theater chain, is now over 80% owned by everyday investors. Which means CEO Adam Aron has a new boss: The 'apes.' WSJ's Alexander Gladstone and Erich Schwartzel introduce the online movement that saved AMC. And self-declared 'ape' investor David Dumas explains why he jumped in. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

2021 was the year of the meme stock. People who'd never invested before jumped into the

0:11.2

market headfirst. And a lot of companies benefited, GameStop, Bed Bath and Beyond, BlackBerry,

0:18.8

but one company stood out for the longevity of its rise and for the fervor of its fans,

0:24.2

AMC, the movie theater chain, and the new investors who embraced the company adopted and nicknamed

0:31.1

for themselves, the Apes. The name is a reference to the planet of the Apes movies about a band of

0:37.2

primates that overthrows mankind. One of those self-proclaimed ape investors was David Dumas.

0:50.4

Tell me about your shirt. David is an operations manager at a moving company. He lives in Colorado,

1:12.9

in an 1100 square foot home with his wife, three daughters, and a lot of pets.

1:42.9

David got into investing early this year, and it was an exciting time to jump in. Everything seemed

2:09.6

to be going up, including AMC. How much money did you put into AMC in the beginning? $2600 is what I

2:18.0

have in the AMC, the way that I did that was just through tips and the stimulus. Did you think that

2:25.5

this investment might give you enough money that you could pay off your mortgage? Absolutely, this

2:31.5

was this investment was going to get my foot in the door. Absolutely. That's how it made me feel. I

2:37.3

was so convicted in this thing too that I knew that this was going to be what's going to help me

2:45.5

secure my family's future at the financial security part of it. I figured that millions of us

2:52.0

going to be wrong. That was the whole thing. It was a gamble though, but again, I knew it was a

3:00.0

gamble, but I was excited about it. And that gamble seemed to pay off. As millions of investors

3:07.1

like David jumped in, AMC stock shot up from $2 at the start of the year to $20 in a matter of

3:14.0

weeks. In June, it shot up even more to $60, then to $70. David says that at one point, he was

3:21.7

looking at over $10,000 in his investment account, more money than he'd ever seen in one place in his

3:27.0

life. But he didn't sell. Because for David and a lot of other apes, AMC had become about more

3:34.7

than just the money. It was about reclaiming the markets for regular people. I joined AMC in the

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