Adam Aron, CEO of AMC Entertainment, announced Tuesday that he had requested a freeze on his personal pay due to his company’s significant share losses.

1 of 3/ Largest inflation in 40 years, so in 2023 companies will grant large % wage increases. But I don’t want “more” when our shareholders are hurting. So I advised the AMC board to red circle and freeze both my target cash and target stock payment for 2023. NO INCREASE.

— Adam Aron (@CEOAdam) December 27, 2022

In a tweet, Aron said: “Biggest inflation in 40 years, so in 2023 companies will grant large % salary increases. But I don’t want “more” when our shareholders are hurt. So I advised the AMC board to red circle and freeze both my target money as target wages for 2023. NO INCREASE.”

In a later tweet, Aron – who reportedly earned $18.9 million last year — indicated that he had also asked more than a dozen of his company’s “senior officers” to do the same, calling them a “very dedicated management team.”

AMC shares rose sharply in 2021, thanks to its popularity as a “meme stock.” Prices skyrocketed from less than $2 to more than $45. However, the stock is reeling from the one-two punch of COVID-19 and the rise of streaming services, dropping more than 80% by 2022, according to Fox Business.

AMC was down 8% on Tuesday. Despite major challenges, the company remains a major player in the film industry with 940 theaters worldwide.