2024-06-22 23:29:06 +0300

Hedge Fund Manager Taunts Apes With AMC Short Position: 'I Dare All The Meme Stock Maniacs To Try To Hurt Us'

Logo Benzinga
Benzinga
By Adam Eckert

TheAMC Entertainment HoldingsInc AMC apes must be pounding their chests afterAQR Capital Management's Cliff Asness called them out on Wednesday.

What Happened:The hedge fund managerannounced that he hasa small short position in AMC on CNBC's Closing Bell.

If that wasn't enough to get the attention of the retail trading crowd who call themselves apes and look to feast on short sellers like bananas, his next propositionsurelyprovokedthe primates.

I dare all the meme stock maniacs to try to hurt us, Asness said.

He told CNBC that it's such a small position (about 12 basis points) that it won'tsignificantly impact his firm's performance either way. Still, he sees an opportunity to short the stock with AMC's valuationfirmly abovehistorical levels.

It's terrible on everything we care about, he said. It is super expensive, super unprofitable and super high beta and volatility.

When warned about what retail traders might try to do in response to his comments, he welcomed the apesand continued to taunt the AMC faithful.

Continue read on benzinga.com

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