Bloomberg is adding to the Fyre Festival storyline with information now that makes it even more clear they were doomed from the start. The startup festival was deep in debt before it even began. Some big financial houses made a really bad bet on Fyre.
In just the weeks before the festival, organizers borrowed $7 million in a last minute effort to fund the festival. Now with multiple lawsuits it looks like there is at least 1$ million from lenders unaccounted for and no one knows how the rest was spent. Ticket buyers continue to wait on uncertain refunds and Fyre employees continue waiting to see if they will be paid. Fyre has fooled investors for a while now, but the game is up. Investigators are now trying to put the puzzle together to figure out where all the money went. Check out Bloomberg’s article here for more info.
