NoblePublius parent
Former MoviePass consultant here. Pretty sure the whole thing was a con. After being hired, I quickly pointed out major flaws in the product that allowed for users to share accounts or use their cards to buy popcorn or let theaters arbitrarily charge MoviePass customers higher prices. Mitch was never technical enough to comprehend the minutiae and Ted never acted with urgency when confronted with cold hard evidence that his users were effectively stealing millions of dollars from the company. They sold dollars for 75 cents. Kind of like WeWork.
What was the con exactly? Selling dollars for cents is not a con, it is stupid. Different thing.
Pumping and dumping their stock. Mitch and Ted both cashed out millions directly as well. It’s all in the public filings, amazingly. Citron did the best expose.
Popcorn? I wonder do some movie theatres sell alcohol? Would it be possible to get a bottle of scotch on the card?
Could you do the popcorn thing the whole time when it was unlimited?
Basically you could spend as much as you wanted in $15 increments within 30 seconds of “checking in”. The system was full of holes. They lost millions of dollars to outright fraud. It took my team two weeks to architect fixes that we could have implemented in a month. They chose to keep their current dev and didn’t patch many of the exploits we found for literally a year.