Shares in the movie theater giant AMC Entertainment surged on Wednesday, driven by casual traders spurred on by Reddit's "r/Wallstreetbets" community, TikTok, and other social platforms. "SaveAMC" was one of Twitter's top trending topics Wednesday morning, driven by users of those platforms.
At the market open Wednesday, AMC shares were up nearly 300 percent with shares trading at $20.31. AMC shares were trading at $2.01 just three weeks ago, and closed Tuesday at $5 per share.
Until Wednesday, AMC shares hadn't traded above $20 since September 2018. The online community r/Wallstreetbets, where casual investors trade tips, show off winning trades and use memes to promote their stock picks, has been in the news this week for its pumping of.
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