This story is just sort of unbelievable, along with being idiotic. Business Insider has jumped the shark on Moviepass Clickbait with this headline and story.
These kids at BI have no shame. They are basically turning into paid bashers. This story is so idiotic that it is almost funny.
The story conflates and confuses Farnsworth’s comments at the July 23rd shareholders meeting. BI says “While seeking support for measures he needed passed at a special shareholders meeting in July, Helios CEO Ted Farnsworth characterized them as an “army” and stressed that he had their best interests in mind.”
BI references this comment as it were made about shareholders. When it was totally obvious that Farnsworth was talking about the loyal Moviepass subscribers. Remember even in the Hollywood Reporter hit piece there are still 52% of subscribers who are VERY LIKELY to recommend the service. So even if you hate Ted- the guy has a point that there is a big base that still loves the service.
The author goes on to describe the obvious dilution that has happened and the R/S – all of which are now old news. Then makes zero effort to explain the many factors why more shares were needed to be issued, and making no mention of how this dilution could stop on a dime. And how shares could easily be bought back in the hundreds of millions very quickly.
Also no mention of the B/E statements Farnsworth made in the Fox Business News segment earlier today.
These negative one sided articles are all about driving clicks. Covering all sides, ensuring multiple perspectives, none of that matters to Clickbait farms like Businesses Insider.
Business Insider is a fake news organization founded by a Wall Street convicted SEC banned personality.
Done trust BI – they have more misses, half truths and flat out biased coverage than almost any other online pub.