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AMC’s largest shareholder pares down stake

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China-based Dalian Wanda Group Co., AMC Entertainment Holdings Inc.’s largest shareholder, sold most of its shares in the American movie theater chain.

Wanda sold 30.4 million shares May 13-18 for nearly $427 million.

AMC's shares have jumped 160% in the past 12 months, largely due to a Reddit-fueled trading frenzy, according to The Wall Street Journal.

Read more from The Wall Street Journal.

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