Magnises earned an "F" grade with the Better Business Bureau and finally collapsed alongside the catastrophic Fyre Festival. In the end, members began to complain about "broken promises," overcharges, and bad business dealings, per Fortune. The WeFunder page alleged it was mostly funded by membership fees, but a member of the Magnises management team said it was fueled primarily by branded events. The Queens, N.Y.-bred rapper’s new album The Mirror, due November 13, is the follow-up to 2004’s R.U.L.E., which has sold 658,000 copies, according to Nielsen SoundScan. How the company made money was also a mystery. Magnises claimed to grow from 1,200 members in 2014 to 100,000 in 2016, but the company's WeFunder page only listed 10,000 members. According to Fortune, "For $250-per-year, members would gain entry to exclusive celebrity events, a concierge service to score hard-to-get concert tickets and restaurant reservations and access to a swanky, shared hangout pad." While the black card only duplicates a member's actual credit card, it allows them to "swipe with style." The card first opened for members in New York, then expanded into other states across the country.
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