Price: $0.19484 -0.7992%
Market Cap: 28.58B 1.1368%
Volume (24h): 4.54B 0.2%
Dominance: 1.1368%
Price: $0.19484 -0.7992%
Market Cap: 28.58B 1.1368%
Volume (24h): 4.54B 0.2%
Dominance: 1.1368% 1.1368%
  • Price: $0.19484 -0.7992%
  • Market Cap: 28.58B 1.1368%
  • Volume (24h): 4.54B 0.2%
  • Dominance: 1.1368% 1.1368%
  • Price: $0.19484 -0.7992%
Home > Information news > Netflix Director Used $4M of Show's Budget on Dogecoin, Netting $27M in Profits

Netflix Director Used $4M of Show's Budget on Dogecoin, Netting $27M in Profits

Release: 2023/11/23 14:03 Reading: 990

Original author:Hope C

Original source:https://coinmarketcap.com/alexandria/article/netflix-director-used-dollar4m-of-shows-budget-on-dogecoin-netting-dollar27m-in-profits

Netflix Director Used $4M of Show's Budget on Dogecoin, Netting $27M in Profits

Carl Erik Rinsch, the director of Netflix's sci-fi series "Conquest," allegedly utilized $4 million from the show's budget to invest in Dogecoin (DOGE), resulting in an astonishing profit of $27 million. As reported by The New York Times, Rinsch is now seeking an additional $14 million from Netflix through a confidential arbitration proceeding.

The article sheds light on 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. After initially receiving a budget of $44 million from Netflix in March 2020, Rinsch requested further funds. Netflix agreed to provide an additional $11 million under the condition that Rinsch completed the series.

However, financial records obtained by the NY Times reveal that Rinsch used $10.5 million of the additional funds to engage in stock market speculation. Unfortunately, his options bets on pharmaceutical companies and the S&P 500 resulted in losses of nearly $6 million. With a little over $4 million remaining, Rinsch transferred the remaining funds to the cryptocurrency exchange Kraken and placed a full bet on Dogecoin. In May 2021, he reportedly withdrew around $27 million after liquidating his Dogecoin holdings.

Rinsch allegedly 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.

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