Square CEO Jack Dorsey and Tesla CEO Elon Musk announced that their companies will now be converting 10% of their companies’ cash balances to AMC shares, effective immediately.
“In the inflationary environment right now, AMC has shown remarkable resilience as a store of value. The management team at Square unanimously agreed to invest a heavy portion of our capital in AMC shares to hedge against fiat debasement,” said Jack Dorsey to the press.
Elon Musk of Tesla chimed in saying, “AMC shares are actually much better for the environment than Bitcoin, as AMC theaters haven’t used any electricity in over a year. While Bitcoin miners are burning an astonishing amount of fossil fuels, AMC’s business model is dead in 2021. Since the fundamental argument for crypto and AMC both boil down to ‘someone stupid will pay more than me’, Tesla has decided to invest in the asset that most benefits the environment.”