Director YOLO’d $4M of Netflix budget into Dogecoin, made $27M: Report

The director of Netflixs sci-fi series Conquest supposedly used $4 million from the shows budget to bet on Dogecoin (DOGE) and made $27 million in the process.Now the director, Carl Erik Rinsch, desires another $14 million from Netflix, according to a Nov. 22 report in The New York Times citing a personal arbitration proceeding.The Times report details the behind-the-scenes drama of Rinschs sci-fi Netflix series Conquest, which the streaming giant doled out $55 million to make, however is yet to get an episode.In March 2020, 16 months after Netflix bought Rinschs idea and provided him with a preliminary spending plan of $44 million, the director requested for more funds. Netflix required and wired him $11 million on the condition he ended up the show.According to monetary declarations gotten by the Times Rinsch utilized $10.5 million from the fresh funding to gamble on the stock market and supposedly lost almost $6 million in simply a couple of weeks by placing options bets on pharmaceutical companies and the S&P 500, With a little over $4 million left, Rinsch moved the money to the crypto exchange Kraken and went all in on DOGE. When he liquidated in May 2021, he withdrew around $27 million, per an account statement seen by the TimesWild 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 required $11m more. He took the funds and rapidly lost ~$ 6m in pharma alternative YOLOs.A bit later, he took $4m and … pic.twitter.com/JnvY09Op9A— Trung Phan (@TrungTPhan) November 22, 2023

” Thank you and god bless crypto,” Rinsch composed in a chat with a Kraken representative.With the proceeds, Rinsch allegedly spent nearly $9 million on high-end furnishings, designer clothing, an over $380,000 high-end watch, 5 Rolls-Royces and a Ferrari, according to a forensic accountant employed by Rinschs ex-wife for divorce proceedings.Related: Crypto traders are looking at Dogecoin (DOGE) again– Heres whyThe Times said Rinsch introduced a private arbitration proceeding against Netflix, claiming the streaming service breached its contract and owes him $14 million in damages. Source: Universal PicturesIn a deposition, Rinsch stated the products in his almost $9 million spending spree were props for Conquest.