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AMC Stock dipped more than 6% in morning trading as AMC CEO Adam Aron sold another $9.65m worth of shares

AMC Entertainment Holdings, Inc CEO Adam Aron sold almost $9.65 million worth of shares in the cinema chain earlier this week, according to filings with the U.S. Securities and Exchange Commission.

What Happened:Aron sold 312,500 shares on Dec. 7 and continues to own 95,997 shares in the company.

AMC insiders have shed more than $70 million in shares this year as the company’s stocks have surged after finding favor with retail investors particularly those on Reddit forum r/WallStreetBets.

Last month, Aron sold 625,000 shares of AMC, worth $25 million.

The company’s CFO Sean Goodman sold 18,316 shares for nearly $565,000, according to a separate filing.

Why It Matters:Apart from Aron’s current holdings, there are 2.9 million shares issuable in the future to him based on performance targets,reported Bloomberg.

Goodman has reportedly sold all his shares in the company but 600,000 shares, subject to continued service or targets, are not included.

Last month, Aron had said on Twitter that 62.5% of his annual pay is in AMC stock and he sold as it is prudent from the point of view of “estate planning.”

Across the S&P500, insiders have sold $63.5 billion in shares through November, as per the Wall Street Journal. On Thursday,Tesla Inc CEO Elon Musk sold $963 million worth of the automaker’s stock to fulfill his tax obligations.

Like Musk, Aron too has found a following on Twitter and is known to frequently reach out to the company’s investors through the social media platform.