Netflix gave director Carl Erik Rinsch a budget of $55 million, but the director bought Dogecoin (DOGE) with $4 million of this money and earned $27 million.
A profiteering story involving Dogecoin created a bombshell effect on the agenda. According to the New York Times, director Rinsch made a big profit on DOGE with Netflix’s budget.
Netflix’s head of original content, Cindy Holland, made a multimillion-dollar offer to Rinsch and asked him to release Conquest on the platform. Accepting the offer, Rinsch received a budget of $55 million from Netflix. However, Netflix did not receive even one completed series episode from the director and terminated the contract.
Addressing Rinsch’s change in attitude after the contract, Netflix asked for the money it spent back. Rinsch filed a lawsuit against Netflix and demanded $14 million in compensation. Netflix rejected this compensation and stated that the director did not comply with the contract.
According to the New York Times, Rinsch bought and sold stock market shares and cryptocurrencies with some of the money he received from Netflix. After making a huge loss, the director tried his last chance on Dogecoin.
He profited from Dogecoin (DOGE)
Carl Erik Rinsch, the director of 47 Ronin, starring the famous actor Keanu Reeves, signed an agreement with Netflix for his project called Conquest.
Rinsch asked Netflix for extra money after spending the $44 million budget. Netflix made another transfer of $11 million, bringing the spending to $55 million.
Rinsch, who spent $44 million on Conquest, evaluated the extra $11 million he received differently. The director sent $10.5 million of this money to his personal brokerage account at Charles Schwab. Rinsch, who made risky transactions in the stock market with this money, lost $ 5.9 million in a few weeks.
Rinsch, who exhibited erratic behavior in the following period, had a falling out with Netflix. On March 18, 2021, Netflix notified Rinsch that it wanted to stop financing Conquest. When things didn’t work out, Netflix asked the director to refund the money.
Backed into a corner, Rinsch purchased DOGE for $4 million. Rinsch, who managed to turn things around this time and was smiling, earned $ 27 million from his DOGE position in May 2021. Rinsch performed this operation on Kraken. Rinsch, who was happy with the money he earned, sent an e-mail to Kraken saying “God bless crypto.” said.
Instead of paying off his debt to Netflix, Rinsch began spending the money on luxury assets. The director purchased five Rolls-Royces, a Ferrari, a $387,630 Vacheron Constantin watch and millions of dollars worth of luxury furniture and designer clothing. According to the forensic accountant, this transaction amounted to $8.7 million.
Rinsch, who was in court with Netflix, argued that the money belonged to him contractually and that Netflix owed him more than $14 million in total.
The court is expected to reach a decision soon.
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