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Report: Director's Risky Move Turns $4M Netflix Budget into $27M with Dogecoin

Report: Director’s Risky Move Turns $4M Netflix Budget into $27M with Dogecoin

Carl Erik Rinsch, the director of Netflix’s sci-fi series Conquest, reportedly used $4 million from the show’s budget to bet on Dogecoin (DOGE) and made $27 million in the process. Now, Rinsch is seeking an additional $14 million from Netflix, according to a confidential arbitration proceeding. The behind-the-scenes drama of Rinsch’s series is detailed in a report by The New York Times, revealing that Netflix had allocated $55 million for the show but has yet to receive an episode. Rinsch initially received $44 million from Netflix, but later requested more funds, which were provided on the condition that he finished the show. However, Rinsch used $10.5 million of the additional funding to gamble on the stock market and allegedly lost nearly $6 million. With only $4 million left, he transferred the money to a crypto exchange and went all in on DOGE, eventually liquidating it for around $27 million. Rinsch reportedly spent a significant portion of the proceeds on luxury items, including high-end furniture, designer clothing, luxury watches, and multiple luxury cars. His ex-wife’s forensic accountant discovered these expenses during divorce proceedings. Rinsch has launched a confidential arbitration proceeding against Netflix, claiming breach of contract and seeking $14 million in damages. Netflix denies owing Rinsch anything and has referred to his demands as a shakedown. A ruling on the case is expected soon.

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