- MoviePass, the embattled movie-ticket subscription service, shut down over the weekend after burning hundreds of millions of dollars.
- The service had become a joke in the industry for its unsustainable business model.
- Contrary to a popular media narrative, however, venture capitalists were not the ones who lost money on the startup’s downfall.
- MoviePass’ parent company, Helios and Matheson Analytics, flooded the public markets with millions of new shares to cover the service’s massive losses.
- Many of the losers were unsophisticated retail investors, some of whom previously spoke to Business Insider about believing in the MoviePass product.
- One retiree investor named Ken said he had lost read more >>>