On May 1, 2023, Adam Aron, the CEO of AMC Entertainment Holdings Inc., took to social media to voice his displeasure with Robinhood Markets Inc. The trading platform had erroneously displayed a banner indicating that AMC had filed for bankruptcy. In his tweet, Aron expressed incredulity at how Robinhood could commit such an error, describing it as "absurd" and "reckless." He also emphasized that AMC is scheduled to announce its Q1 financial results on Friday and that the company maintains a substantial cash reserve.
Robinhood Alerts users that AMC "went bankrupt" erroneously
5/2/2023
In response to Aron's tweet, Robinhood acknowledged that a technical glitch had led to the incorrect banner being shown on the stock page for AMC. The banner was displayed at 1:45 p.m. ET and was promptly taken down three minutes later. Despite the swift correction, the error created confusion among investors and temporarily caused a decline in AMC's stock price.
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