Why This AMC Investment Tanked Today
After struggling theater operator and retail investor favorite AMC Entertainment (NYSE: AMC) invested almost $30 million in Hycroft Mining (NASDAQ: HYMC) last month, shares of the struggling miner soared. The miner's stock has jumped more than 40% since that announcement. But that gain was even higher yesterday as shares of Hycroft were down 10% today as of 3:03 p.m. EDT.
One item of note may be contributing to that move. Retail investors who track AMC and its status as a meme stock cheered the investment made by its popular CEO Adam Aron. Those same investors may have been disappointed when Hycroft announced yesterday that an officer from AMC will now have a seat on the mining company's board of directors -- an officer who isn't Adam Aron.
Source Fool.com
