Crispin Odey’s hedge fund shorts pandemic-hit cinema chain AMC Entertainment
Odey’s hedge fund has shorted pandemic-hit cinema chain AMC Entertainment
Crispin Odey’s hedge fund has a short position in the pandemic-stricken cinema chain and popular ‘meme stocks’ AMC Entertainment.
Odey Asset Management recently took the short position — meaning it’s betting that AMC’s stock price will fall — as the City and Wall Street become increasingly concerned about the influence amateur investors have on the value of large companies.
This year, AMC has become a “meme” investment alongside games like Gamestop — both of which saw their shares soar after ordinary people coordinating online bought huge numbers of stocks and pushed up prices. Odey, 62, is known as a “disaster capitalist” cashing in on the turmoil.