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Matt Levine

AMC Has a Bit More Stock to Sell

Also BitConnect, Hometown International and Chamath Palihapitiya.

Programming note: Money Stuff will be off tomorrow, unless AMC does something particularly nuts I guess. It will be back on Monday.

Way back on Tuesday, AMC Entertainment Holdings Inc. announced that it had sold $230 million of stock to a hedge fund called Mudrick Capital Management LP. AMC’s stock went up on continuing wild retail enthusiasm, and Mudrick promptly dumped the stock into the rising market at a profit. This looked like a good trade — I said yesterday that it was a good trade — though then the stock kept rising and by yesterday afternoon it looked less great. “Mudrick Capital may have missed out on more than $300 million by dumping AMC a day early,” says this CNBC headline. Fine. You win some, you miss out on winning some even more.