The stock of AMC Entertainment dropped 8% on Friday after CEO Adam Aron sold more of the company's stock.
According to a regulatory filing, Aron, the multiplex chain's CEO since 2016, sold 312,500 shares worth $9.64 million on Tuesday. This came after previous sales of more than $25 million.
According to the filing, Aron still owns 95,997 shares, excluding about 2.9 million that will be issued if he meets certain goals.
Sean Goodman, the company's chief financial officer, sold 18,316 shares for $565,000 in a separate transaction. About 600,000 shares are subject to continuing service or goals, which are not included in this figure.
The sales were carried out in accordance with previously announced plans. The sales, according to Aron, are part of his estate planning.
Aron is a prolific Twitter user who utilizes the medium to get comments on his ideas as well as to keep his fans up to date on the theatre chain's next move, which includes the next currency it will accept.
Aron joins a long line of CEOs and Fortune 500 executives, including Microsoft's Satya Nadella, Apple's Tim Cook, Tesla's Elon Musk, and Blackstone's Hamilton E. James, who have taken advantage of the stock market's recent record highs to liquidate a portion of their holdings for various reasons.
This year, the stock of AMC has increased roughly 14-fold.