AMC Entertainment CEO Adam Aron Tweets That He Intends To Donate $1.0 Million In Shares To Charity

Sometimes, it is simply impressive how an executive can twist words to make things appear to be a positive. The latest to do so is Adam Aron, CEO of AMC Entertainment (NYSE: AMC), whom is evidently looking to save some tax dollars.

Aron this morning announced that he wants to “step up and personally give back” following the embrace he has seen from retail investors that supported his equity through the pandemic. What is he doing to support that? Why, he is unloading some of his shares.

I benefited greatly as retail investors have embraced AMC. That makes it time for me to step up and personally give back. Therefore, over the coming weeks, I will give away $1 million of my currently owned AMC shares, to be spread over a number of well respected charities. pic.twitter.com/RgacQ1O51j

— Adam Aron (@CEOAdam) February 18, 2022

The CEO intends to dump up to $1.0 million of his common shares, which equates to roughly 52,798 shares as of yesterdays market close. The shares are being donated in the name of charity, although he doesn’t have any particular charity in mind. The shares are to be “spread over a number of well respected charities.”

As of the latest filing, Aron currently holds 205,086 shares in AMC Entertainment. This effectively means that he is looking to unload roughly a quarter of his position to donate it to charity.

While some will view this as coming from the goodness of his heart, others see it more simply for what it really is: a means of generating a tax writeoff. And investors aren’t exactly happy about it.

don't you see? he can claim the full $1M as a tax write off without accumulating more tax on capital gains. PLUS, he can offload more of his personal stock that he sees no value in (selling $40m already and never actually buying stock). Retiring legacy retail CEO's gonna boom.

— Imagine Dragon Deez (@john55144586) February 18, 2022

“I benefited greatly from the retail pump and dump, so now I’ll give away what little shares I have left to charity before bankruptcy. Enjoy holding those bags for us!”

— Whetfaurt Solutions (@whetfaurt) February 18, 2022

However, Aron didn’t stop there. His tweet was followed by a second this morning, wherein he asked for opinions from his shareholders on where the shares should be donated to. That too, didn’t necessarily go as planned.

I think a dividend to your shareholders should take precedence. The result will yield 4+ million apes contributing charitable donations to thousands of causes across the globe…

— Cnaternicola (@Cnaternicola1) February 18, 2022

Charity starts at home. There are thousands of peoples who work at $AMC theatre. Surely some of them are in need of money for their family for specific problems. You can help them out first before others. As they are your workers.

— Sumair (@chsumairr) February 18, 2022

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