Silver Lake sold its shares in AMC Entertainment for a $113 million profit Thursday, the firm disclosed.Reddit day traders sent AMC, GameStop, and other stocks soaring this week in a short-squeeze.Silver Lake Partners, a private-equity firm and, until recently, a major investor in AMC Entertainment, disclosed in aSilver Lake dumped its shares for $713 million on Thursday, turning a roughly $113 million profit on its initial investment, according to the filing.
The move came near the peak of AMC's share-price surge this week, fueled in large part by Reddit day traders who had targeted short-sellers of AMC, GameStop, and other stocks, who have sinceThe surge this week triggered $600 million of Silver Lake's convertible debt notes, allowing the company to exchange its risky debt for the surging equity. The debt was ultimately swapped into stock at a price of $13.
Silver Lake originally scooped up the $600 million in AMC debt in 2018 and pumped an additional $100 million loan into the company as the pandemic ravaged its business, and AMC was still warning that it might have to file for bankruptcy, according to
This is getting creepy
Hold the line. AMCtothemoon Monday & Tuesday are going to be epic!
This is how 'speculation' on the upside helps create value and even save a business. Shorting is unethical and if practiced like what the HF did with $GME it can even bring them closer to bankruptcy. It is excessive shorting that is unhealthy, not speculation by some redditors.
Just sold all its shares and it didn’t hurt the share price.
And they sold at an average price of $16.05? On Thursday?
If no one could buy who did they sell to?
🧻 🙌🏼
They lost out
Trump hasn't been jailed yet?