It was revealed that Carl Erik Rinsch used approximately $11 million of the Netflix series’ budget to gamble with stocks and crypto. Additionally, the director reportedly made millions of dollars from a single Dogecoin investment.
Netflix director put money into Dogecoin (DOGE)!
Carl Erik Rinsch, director of Netflix’s science fiction series Conquest, used $4 million from the series’ budget to bet on Dogecoin, The New York Times reported on November 22, citing a confidential arbitration case. Now the director wants another $14 million from Netflix. The news is based on what happened behind the scenes of Rinsch’s science fiction series Conquest for Netflix. Meanwhile, not a single episode of the series, for which 55 million dollars was spent, has been released yet.
Netflix bought Rinsch’s idea in March 2020. Accordingly, it provided him with an initial budget of $44 million. 16 months after that, the director asked for more funds. Netflix agreed and sent him $11 million on the condition that he finish the series. Rinsch used $10.5 million from the new fund to gamble on the stock market, according to financial statements obtained by The New York Times. He also allegedly placed options bets on pharmaceutical companies and the S&P 500. In the process, he lost nearly $6 million in just a few weeks. Rinsch transferred the remaining money, just over $4 million, to crypto exchange Kraken. Then, he invested it all in the popular meme coin Dogecoin (DOGE). He withdrew nearly $27 million in May 2021, according to an account statement.
Wild Netflix story.
In 2018, it bought a sci-fi series from director Carl Rinsch. By 2020, Netflix spent $44m on the show.
Production was floundering and Rinsch demanded $11m more. He took the funds and quickly lost ~$6m in pharma option YOLOs.
A bit later, he took $4m and… pic.twitter.com/JnvY09Op9A
— Trung Phan (@TrungTPhan) November 22, 2023
“God bless crypto!”
“Thank you and God bless crypto,” Carl Rinsch wrote in a chat with a Kraken representative. Rinsch allegedly spent nearly $9 million with the proceeds on high-end furniture, designer clothing, a luxury watch worth more than $380,000, five Rolls Royces and a Ferrari, according to a forensic accountant hired by Rinsch’s ex-wife for the divorce case. is being done.
The New York Times wrote that Rinsch initiated a secret arbitration process against Netflix. He also said he claimed the streaming service violated his contract and owed him $14 million in damages. Netflix denies it owes money to Rinsch. He also describes these demands as blackmail. Items in the nearly $9 million spending spree were props for Conquest, Rinsch said in a deposition. He later claimed in his lawsuit against Netflix that the money actually belonged to him. For this reason, he claimed that Netflix owed another $14 million. The decision on the case is expected soon.
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