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MarketWatch First Take: Twitter ‘a valuable national asset, if it’s run well’ says AMC CEO

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AMC Entertainment Holdings Inc. CEO Adam Aron described Twitter as “a valuable national asset, if it’s run well,” during the conference call to discuss his company’s third-quarter results late Tuesday.

Aron is a keen user of Twitter and has over 278,000 followers on the platform. Responding to a question about Twitter submitted by an AMC
AMC,
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shareholder, Aron declined to weigh in on Elon Musk’s purchase of the social-media platform.

Now read: Twitter reportedly delays blue-checkmark changes until after midterm elections

After a monthslong struggle, Musk recently bought Twitter for the inflated price of $44 billion, and he is now attempting to slash costs at the unprofitable company. Last week Twitter laid off about half of its 7,500 employees.

“I have no comment really, one way or another, whether he will do a fabulous job or not running Twitter,” Aron said in response to the shareholder’s question.

Also read: Elon Musk says Twitter ‘obviously cannot become a free-for-all hellscape’ but should encourage debate

However, he was full of praise for the platform itself. “The asset that [Musk] bought, Twitter, is the most incredible communications tool that I have ever seen,” he said, noting that AMC uses the microblogging site to great effect. “We have been able to convey hundreds and hundreds of important messages,” he added.

Aron said that AMC also pays close attention to the feedback it receives on the social-media site. “I spend about an hour a day on Twitter reading what you have to say,” he said.

OpinionElon Musk’s bulldozing of Twitter employees puts the company on a path to failure

“I continue to be astounded by how powerful and impactful Twitter is,” he added.

AMC stock tumbled in after-hours trading after the release of its third-quarter results. The movie-theater chain and meme-stock darling reported its 12th consecutive quarterly loss, along with revenue that topped analysts’ estimates.

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