Jun 3, 2021 - Economy

The new No. 1 meme stock

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AMC is the new meme stock posterchild. And no other company has taken advantage of that hype more.

Driving the news: It's increasingly using the Reddit crowd's obsession with its stock to shore up cash. The theater chain was already struggling — the pandemic pushed it to near bankruptcy.

The latest: AMC raised $587 million after selling 11.5 million shares Thursday — mere hours after it announced it might do so.

  • It came despite a boldfaced warning about the stock's wild ride: "We caution you against investing in our ... stock, unless you are prepared to ... [lose] all or a substantial portion of your investment.”

The intrigue: AMC is the most mentioned stock on r/WallStreetBets, ahead of BlackBerry and OG meme stock GameStop, according to Yolo Stocks, a real-time Reddit tracker.

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