Basically from what I understand, LaBeouf invited fans to come and watch all the movies he's ever been in, in backwards chronological order. He stayed up for over 50 hours watching his own films and is calling it performance art. It just ended nearly an hour ago. He got up right when the last one ended, probably exhausted. But for some reason everyone who knew about it, LOVED it.
Look at just a couple of examples from twitter; people were eating it up.
Hundreds of people watched as he laughed, cried, slept, ate and reacted to every movie. I low key think it is one of the most brilliant things he's done. Maybe he is just full of him-self and wanted attention, but you can think of many other concepts and reasonings for this event.
Maybe he is making a statement about what the media chooses to cover? Or how people are so celebrity obsessed and idolize these people to a god like extent.
(Look at Ithaca's own Cat V's tweet about his event, #allmymovies)
I think we can all agree it's a very strange phenomenon no matter what his reasonings may or may not have been.