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Netflix Director Bets $4M Show Budget on Dogecoin, Rakes in $27M

Carl Erik Rinsch, the director behind Netflix’s sci-fi series Conquest, reportedly diverted $4 million from the show’s budget to invest in Dogecoin (DOGE).

The move paid off handsomely, as Rinsch allegedly made a staggering $27 million from this unconventional financial gamble.

The financial saga unfolded behind the scenes of Netflix’s Conquest series, for which the streaming giant allocated a hefty $55 million budget.

Despite the significant investment, the series has yet to deliver an episode, leading to internal strife.

In March 2020, 16 months after Netflix greenlit the project with an initial budget of $44 million, Rinsch sought additional funds.

Netflix acquiesced, providing an extra $11 million, contingent on the completion of the series.

Financial records reveal that Rinsch, armed with the fresh funding, ventured into the stock market.

Unfortunately, he reportedly incurred substantial losses, approaching $6 million, through options bets on pharmaceutical companies and the S&P 500.

Undeterred, with just over $4 million remaining, Rinsch shifted gears and entered the crypto arena.

He went all-in on Dogecoin through the Kraken exchange. When he liquidated his position in May 2021, the director reportedly cashed out approximately $27 million, as detailed in a Times account statement.

Expressing gratitude to the crypto gods in a chat with a Kraken representative, Rinsch’s post-gains spending spree allegedly included lavish purchases such as high-end furniture, designer clothing, a luxury watch exceeding $380,000, five Rolls-Royces, and a Ferrari.

His ex-wife’s forensic accountant highlighted these expenses during divorce proceedings.

Rinsch subsequently initiated a confidential arbitration against Netflix, asserting a breach of contract and demanding $14 million in damages.

Netflix staunchly denies any obligation to Rinsch, characterizing his claims as a shakedown. The director, in a deposition, initially justified his spending as props for Conquest, later asserting the money as rightfully his, leading to the additional $14 million claim.

A ruling on the case is imminent, following a November arbitration hearing. The outcome will shed light on the consequences of a director’s high-stakes financial manoeuvres in the world of showbiz and crypto.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.