Home Crypto News Netflix Director Allocates $4M of Show’s Budget to Dogecoin, Earning $27M in Returns

Netflix Director Allocates $4M of Show’s Budget to Dogecoin, Earning $27M in Returns

by admin

**Netflix Director Accused of Misusing Show’s Budget for Dogecoin Investment**

*Carl Erik Rinsch, the director of Netflix’s sci-fi series “Conquest,” is facing allegations of using $4 million from the show’s budget to invest in Dogecoin (DOGE), resulting in profits of $27 million.*

According to The New York Times, Rinsch allegedly utilized a substantial portion of the show’s budget to engage in stock market speculation, making a significant profit in the process. The director is now seeking an additional $14 million from Netflix through a confidential arbitration proceeding.

## Behind-the-Scenes Turmoil

The article revealed the behind-the-scenes turmoil surrounding Rinsch’s show, which was allocated a budget of $55 million by Netflix but has yet to release its first episode. Rinsch, after initially receiving a budget of $44 million from Netflix in March 2020, requested further funds to which Netflix agreed, under the condition that he completed the series.

However, financial records obtained by the NY Times reveal that Rinsch used a substantial portion of the additional funds to engage in stock market speculation. Unfortunately, his options bets on pharmaceutical companies and the S&P 500 resulted in significant losses. With a little over $4 million remaining, Rinsch transferred the remaining funds to the cryptocurrency exchange Kraken and placed a full bet on Dogecoin.

## Extravagant Purchases and Accusations

Following his alleged profits, Rinsch reportedly spent a substantial portion of his profits, approximately $9 million, on extravagant purchases such as luxury furniture, designer clothing, a watch worth over $380,000, five Rolls-Royces, and a Ferrari. These details emerged from a forensic accountant hired by Rinsch’s ex-wife for their divorce proceedings.

In response to these developments, Rinsch initiated a confidential arbitration proceeding against Netflix, asserting that the streaming service breached their contract and owes him $14 million in damages. Netflix, on the other hand, denies any obligations and has characterized Rinsch’s demands as an attempt to extort money.

## Conclusion and Feedback

The allegations and revelations surrounding the use of the show’s budget for personal investment and extravagant purchases have raised concerns and sparked a legal battle between Rinsch and Netflix. The outcome of the arbitration proceeding remains to be seen.

Please let us know your thoughts on this article and if there are any improvements by filling out this short form.

You may also like