ShareChat Eyes 2027 IPO After Reaching Operational Profitability, Report Says 
Tesla Q2 Deliveries Lift Chinese Auto Suppliers as EV Demand Improves 
US Resumes Dollar Shipments to Iraq After Months-Long Suspension 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Japan Signals Surprise Yen Intervention Strategy as BOJ Hawkish Stance Puts FX Traders on Alert 
Apple Eyes Chinese Memory Chips as AI Shortage Pressures iPhone Supply Chain 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
Super Micro Employees Detained in Taiwan AI Server Export Investigation 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
Meta CEO Zuckerberg Says AI Agent Development Has Slowed Despite Massive AI Investment 
SK Holdings, KKR Launch $1.3B Renewable Energy Venture in South Korea 
Kuaishou Stock Jumps as Kling AI Secures $2 Billion Funding Round 
Oil Prices Slip as Oversupply Concerns and U.S.-Iran Talks Shape Market Outlook 
Kioxia Bets on AI Memory Boom With Next-Gen NAND Production in Japan 
Moody’s Says Peru’s President-Elect Keiko Fujimori Could Boost Investor Confidence 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
Trump Administration Declines USMCA Renewal, Opens Talks on New Trade Changes 
AMC Entertainment Holding’s chief executive officer, Adam Aron, made a request from the company’s board this week. He asked the group to freeze his salary for 2023 and cited the sharp drop in share price as the reason.
The AMC chief is reportedly earning $19 million per year, but he decided to put his compensation on hold in an effort to help protect the shareholders. He said he does not want “more” when the company’s shareholders are “hurting.”
"Biggest inflation in 40 years, so in 2023 companies will grant large percentage salary raises but I do not want ‘more’ when our shareholders are hurting," he tweeted. "So, I recommended to the AMC Board to red circle and freeze both my target cash and target stock pay for 2023. NO INCREASE."
According to Reuters, Aron also urged other top executives to give up their pay increase next year. AMC Entertainment’s shares have plunged more than 75% this year amid the growing popularity of streaming. The company also suggested that the drop was due to fewer blockbuster releases at its over 900 theater locations which drove up cash burn and losses.
It was reported that the theater chain attempted to endure the pressure by raising cash and taking advantage of the retail interest it received in the course of the meme stock rally last year.
Moreover, AMC revealed earlier this month that it would be raising $110 million in new equity capital through the sale of its preferred stock in addition to the proposed reverse stock split.
The company also announced it is no longer in talks for the acquisition of Cineworld cinemas owned by the bankrupt Cineworld Group. It has withdrawn from the talks after discussions with several lenders.
Meanwhile, AMC’s CEO was also asked on social media if there would be a salary hike for regular employees. He answered in the affirmative which means workers can expect pay raise while he will forgo his in the meantime.
“Yes, absolutely yes,” Adam tweeted in reply to an inquiry about employees’ pay increase. “We are asking for financial sacrifice only from those at the very top. It is hard to recruit workers so we must pay our people fairly. Indeed, wages for our “film crew” (hourly workers at our U.S. theatres) have been rising by double-digit percentages.”
Photo by: Clay Banks/Unsplash
