I had the privilege to be in Los Angeles this week at a dinner honoring Kevin Feige, President and Creative Director of Marvel Studios for two decades. What an incredible record of success is his. And we’re excited for his AVENGERS: DOOMSDAY on December 18!

Hey there @vladtenev and @DanGallagher: My voice will stay loud. You supported the SEC on U.S. stock tokens. They must carry voting rights, and companies can opt out. How hypocritical of Robinhood if not adopting those same principals offshore. Don’t spit in the face of the SEC.

On Monday (9/21), SEC Commissioner Hester Pierce resigned her post effective October 2. That means there’ll be only 2 SEC Commissioners, out of the 5 mandated by law. Investors are best protected by an active vibrant SEC. I hope those 3 vacancies get addressed in the near term.

What a privilege to host the black tie Royal Performance and World Premiere of Tom Cruise’s new movie Digger, at our Odeon Luxe Leicester Square cinema in London. Attending: William and Catherine, the Prince and Princess of Wales.

Today was an important day in the history of Hollywood. State Attorneys General settled their anti-trust case, so Paramount’s acquisition of Warner Brothers will proceed. I signed on to this transaction back in April because David Ellison pledged to make at least 30 movies per year (66% more than the number made by the two studios last year) and promised to respect theatrical windows. Now with the AG action, those commitments and more will be backed up by a binding five year “Consent Decree.” But I never had any doubt in David Ellison’s desire to support theatrical exhibition. In his heart, he is a consummate movie maker. Want proof? Again watch Skydance’s Top Gun: Maverick, as I did this weekend. And he has a highly able team of executives in place at both studios. My prediction: Paramount and Warner will be in extraordinarily capable hands.

I want to extend my highest praise to Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, for the wise decision — perhaps a better characterization being the brilliant decision — he announced today on behalf of the SEC about Stock Tokens.   The SEC granted a five year period of experimentation on this topic in U.S. markets. In doing so, the SEC laid out some inviolate and unequivocally annumerated conditions:   The SEC highlighted that “Investor Protection Is Not Optional.” The SEC clearly laid out that even as it puts forward an “Innovation Exemption,” the SEC has an implicit right to govern on this issue. This means that at least within the U.S., there is an underpinning that appropriate regulatory bodies can regulate  as they think is needed. I believe that over the last full century, investors have best been protected when U.S. regulatory bodies have been involved and U.S. securities laws have been applicable. Thank you, SEC.   The SEC also  emphasized  that there can be “No Synthetics.” Any such Stock Tokens must carry full voting and dividend rights. No synthetics is such a vital and basic concept. Thank you, SEC.   Also of crucial importance, the SEC mandated that “Issuers Can Object.” It said that issuers of stock must have the opportunity to object and prevent their security from being trading on a Tokenized Securities Venue if companies so choose. This puts companies in charge of their own securities and capital structures, not brokerage houses. Thank you, SEC.   I applaud what the SEC did today. Bravo!   And @vladtenev and @dangallagher I note that at Robinhood you accepted and supported the SEC’s ruling today. I call on you now to adhere to the exact same standards internationally. How hypocritical would it be if Robinhood’s stock tokens abroad were to differ materially from stock tokens in the U.S. on these hyper-important matters of investor protections, synthetics and issuer objections.    Adam Aron Chairman and CEO AMC Entertainment

This is a video clip of the opening of the Emmy Awards Monday night. What a tribute to our beloved Nicole Kidman, and her work on behalf of AMC Theatres.

In my crosshairs as much as Robinhood’s shameful Stock Tokens and the trademark- infringing meme coins that they trade: dreaded TICKET SCALPERS. So far, we have reclaimed more than 1,600 AMC tickets from resale sites posted there. Scalpers beware, AMC is coming after you.

Hey there @dangallagher, in the past week you and @vladtenev CEO of Robinhood have made public comments defending your use of and “standing behind” your relatively new Stock Token concept. I think this practice is abhorrent. It defeats the very ethos of share ownership. Public financial markets were created so that companies could raise capital, and so that investors could share in the wealth created as a result. Not to turn investing instead merely into some gamified business-oriented casino. If by your own admission you can’t offer or sell Stock Tokens to “U.S. persons” why does your U.S. web site talk about them so much and so favorably? Vlad: How can a U.S. brokerage firm be proud of creating an offshore Channel Island operation in far off Jersey specifically with the intent to operate outside U.S. securities laws? Is there potential confusion that Stock Token purchasers are getting less than all the rights accorded to real shareholders, and if so do you care? If those tokens are theoretically backed 1:1 by real shares, but hypothetically some of those underlying real shares are in turn lent out to short sellers, are the Tokens really backed 1:1 in fact? Dan: I think U.S. securities laws have protected the public very well over the past century. You spent much of your career at the SEC. Deep down, in your heart of hearts, how can you really think a world without the precautions imposed by U.S. securities laws creates a better, safer environment for investors? Choose whatever descriptors you think best make sense under the circumstances: Non-regulated, derivative, synthetic, sham, debt-backed securities trying to simulate actual real stock, or pick your own words if these don’t fit. Stock Tokens may make you an innovator in your own eyes. In my eyes, they bring your firm dishonor.

On this 25th anniversary of 9/11 comes this staggering aerial drone recreation of the World Trade Center twin towers. Some 2,977 drones over the lower Manhattan sky, the same number of fatalities that immediately resulted from that fateful attack. With reverence, we remember.

More good news about AMC’s business prospects. This new rating of our debt by the prominent ratings agency Fitch meshes with that of Standard & Poor‘s, which upgraded AMC’s debt in July. “RATING ACTION COMMENTARY: Fitch Assigns AMC Entertainment First-Time 'B-‌' IDR; Outlook Positive The rating reflects AMC's leading market position, broad theater footprint, and strong exposure to premium formats, which support attendance, pricing, and operating leverage as the box office recovers. The rating is constrained by negative FCF and a complex capital structure relative to peers. The Positive Outlook reflects Fitch's expectation for continued box office recovery, with performance approaching pre-pandemic levels and AMC's ability to monetize attendance through pricing and concessions, supporting revenue growth and margin expansion.” fitchratings.com/research/co…

Banner headline and article in Variety: Summer Box Office Breaks All-Time Record With $4.67 Billion “Need proof the movies are really, truly back? The summer box office was already the biggest since COVID upended the industry in 2020 — and now the season has become the highest-grossing of all time. Domestic ticket sales from May 1 through Labor Day on Sept. 7 stand at $4.76 billion, according to Rentrak.” variety.com/2026/film/box-of…

August 2026 had the highest industry-wide domestic box office grosses for any month of August since record keeping started 50 years ago. See for yourself: boxofficemojo.com Experts moronically predicting movie theatres were dead? What a total crock of - - - - !

In my opinion, one that is shared by others, that’s a terrible lapse in your judgement @vladtenev Playing fast and loose with U.S. securities laws is not something that brings honor to Robinhood. It is not one that adds integrity or credibility to financial markets. By your own admission, in this instance you are not adhering to U.S. securities laws, and therefore you can not offer or sell these offshore island of Jersey tokens to U.S. persons. And yet, your company boasts about them on your U.S. web site. This practice is something that you should not be standing behind.

CEASE AND DECIST in all caps was my attempt at humor. It was a cross between Desist (which means to stop) and De-cyst (which would mean to remove a cyst, something that causes pain and discomfort). What you know about U.S. securities laws apparently is that you are happy to ignore them if you simply disclose that you are ignoring them. If your offshore Stock Tokens can not be offered or sold to U.S. persons, why are you touting them on your U.S. web site? If it is not illegal, it should be. And in any case, it displays a terrible lapse of judgement on your part. Wisdom is displayed not just by obeying the strict letter of the law, but by doing what is right. Shame on you.

And @vladtenev here is a similar view:

In addition to my own comments back to @vladtenev about about my strongly-held concerns about Robinhood’s Stock Tokens, read what someone named Brad (who I don’t know) insightfully had to say on this topic: