Netflix Director Bets on Dogecoin with Series Budget
Did you know that Netflix’s sci-fi series director used $4 million from the show’s budget to bet on Dogecoin and made a profit of $27 million?
Director Wants Another $14 Million from Netflix
It is reported that the director, Carl Erik Rinsch, now wants another $14 million from Netflix, according to a Nov. 22 report in The New York Times.
Behind-the-Scenes Drama of Rinsch’s Sci-fi Netflix Series
The report details the behind-the-scenes drama of Rinsch’s sci-fi Netflix series, which the streaming giant doled out $55 million to make, but is yet to receive an episode.
Details of the Gambling and Lucrative Crypto Investment
According to financial statements obtained by the Times Rinsch used $10.5 million from the fresh funding to gamble on the stock market and allegedly lost nearly $6 million in just a few weeks by placing options bets on pharmaceutical companies and the S&P 500,
With a little over $4 million left, Rinsch transferred the money to the crypto exchange Kraken and went all in on DOGE, liquidating in May 2021 to withdraw around $27 million.
Big Spending and Legal Action
Rinsch allegedly spent nearly $9 million on high-end furniture, designer clothing, an over $380,000 luxury watch, five Rolls-Royces and a Ferrari, according to a forensic accountant hired by Rinsch’s ex-wife for divorce proceedings. The Times said Rinsch launched a confidential arbitration proceeding against Netflix, claiming the streaming service breached its contract and owes him $14 million in damages.
Legal Battle and Verdict
Netflix has referred to his demands as a shakedown. A ruling on the case is expected soon as it was heard before an arbitrator earlier in November.
Hot Take
It’s not every day that you hear of a director using show budget to bet on crypto and make millions. It leaves you questioning the ethical use of funds and the aftermath of a lucrative investment.
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