The Man Behind Moviepass’ 1,151% Rally Has Had 99% Wipeouts in the Past
- MoviePass backer invested in psychic hotline, penny stocks
- ‘I don’t know one entrepreneur out there that’s had all wins’
MoviePass CEO Lowe on Path to Profitability
The film subscription service MoviePass hadn’t gained much traction in the six years since it was founded. Then Ted Farnsworth came along.
Farnsworth, the one-time owner of a pay-per-call psychic hotline, bought into MoviePass in August through an obscure tech company he’d started running months earlier. The startup slashed the price of its all-you-can-watch movie theater pass to $9.95 and quickly announced 400,000 signups. A spectacular rally in Farnsworth’s company, Helios & Matheson Analytics Inc., ensued: The stock soared 10-fold in the span of a month before the fever broke and much of those gains were wiped out.