Director YOLO’d $4M Netflix budget to Dogecoin, made $27M: report
The director of Netflix's sci-fi series Conquest reportedly used $4 million of the show's budget to bet on Dogecoin (DOGE), earning $27 million in the process.
Now director Carl Erich Rinsch is seeking another $14 million from Netflix, according to a Nov. 22 report in the New York Times, citing a confidential arbitration proceeding.
A Times report details the behind-the-scenes drama behind Rinsch's sci-fi Netflix series Invasion , which the streaming giant spent $55 million to make, but an episode has yet to arrive.
In the year In March 2020, 16 months after Netflix bought Rinsch's idea and gave it an initial budget of $44 million, the director asked for more money. After Netflix finished the show, it forced $11 million and passed it on the wire.
According to financial statements obtained by The Times, Rinsch allegedly used $10.5 million from a new fund to gamble on the stock market, losing nearly $6 million in a few weeks by placing options on drug companies and the S&P 500.
Left with a little over $4 million, Rinsch transferred the money to crypto exchange Kraken and deposited it all with DOGE. In the year When it broke up in May 2021, the Times reported it had spent about $27 million.
A wild Netflix story.
In the year In 2018, he bought a sci-fi series from director Carl Rinsch. In the year In 2020, Netflix spent $44 million on the show.
Production was pouring in and Rinsch demanded an additional $11m. He took the money and quickly lost ~$6m in pharma option YOLOs.
A little later, he took $4m and… pic.twitter.com/JnvY09Op9A
— Trung Phan (@TrungTPhan) November 22, 2023
“Thank you and God bless,” Rinsch wrote in a chat with a Kraken representative.
With the proceeds, Rinsch spent nearly $9 million on high-end furniture, designer clothes, 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 divorce proceedings.
Related: Crypto traders are rewatching Dogecoin (DOGE) – here's why
The Times reports Rinsch has launched a confidential lawsuit against Netflix, claiming the streaming service breached its contract and is owed $14 million in damages. Netflix denies it owes Rinsch anything and dismisses the claims as concussions.
In evidence, Rinsch said nearly $9 million of the items in his expenses were for the victors. In a later lawsuit against Netflix, he argued that the money was his and owed another $14 million.
A ruling on the case is expected soon, as it appeared before an arbitrator in early November.
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