Netflix Accuses Conquest Director of Misusing Budget on Dogecoin Investments
Netflix is claiming that Conquest director Carl Erik Rinsch used $4 million of the series’ budget to invest in Dogecoin, Elon Musk’s favorite cryptocurrency. The New York Times reported that the budget, intended for the science fiction series, was instead used for cryptocurrency investments by Rinsch, known for the film 47 Ronin.
Initially, Netflix allocated $55 million for the series but only provided $44.3 million to the project team. Rinsch then requested an additional $11 million, claiming it was for props. Instead, he allegedly used this money for investments, including $10.5 million in shares in unknown entities and around $4 million in DOGE through the Kraken crypto exchange, resulting in a $23 million profit in May 2021, as reported by the New York Times.
Rinsch reportedly spent his earnings on luxury items, claiming they were all purchased as props for Conquest. Legal proceedings are ongoing between Rinsch and Netflix.
Hot Take
This case highlights the need for transparency and accountability in budget management, especially in the entertainment industry where large sums of money are involved. It also raises questions about the responsibility of directors and producers when handling project funds. It’s crucial for all parties involved to adhere to ethical and legal standards to ensure the proper use of funds.
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