While AMC Entertainment Inc’s decision to roll out a preferred share class may have been targeted towards meme-stock retail investors, one traditional Wall Street manager is now taking advantage of the arbitrage trade opportunity. On Tuesday, famed short seller and hedge fund manager Jim Chanos revealed he has implemented an arbitrage trade on AMC Entertainment when speaking on CNBC’s “Fast Money Halftime Report.” He explained that he bought shares of the new APE preferred share class while shorting AMC common stock. Chanos was short shares of AMC last year.