The director of Netflix’s sci-fi series Conquest reportedly took a risk and invested $4 million from the show’s budget into Dogecoin, resulting in a $27 million return. Carl Erik Rinsch, known for directing “47 Ronin,” received significant funding from Netflix for the science fiction series. Instead of using the money exclusively for the series, Rinsch decided to explore ventures in the stock and cryptocurrency markets as a unique creative pursuit.
Netflix Director’s $27M Crypto Gamble
The New York Times reported behind-the-scenes drama on the chronicles of “Conquest,” which began when Netflix invested $55 million in the ambitious sci-fi series directed by Rinsch. However, despite doling out a considerable budget, the streaming giant has yet to see a single episode. In March 2020, Netflix greenlit Rinsch’s vision with an initial budget of $44 million, and after 16 months the director sought more funds. Netflix obliged, wiring an additional $11 million under the condition that the series would be completed.
Instead of using the funds for production, Rinsch invested $10.5 million in the stock market. However, his options bets on pharmaceutical companies and the S&P 500 reportedly resulted in a loss of nearly $6 million in just a few weeks. Undeterred, he pivoted to the cryptocurrency market, transferring the remaining $4 million to the popular exchange Kraken and went all in on Dogecoin. The gamble paid off handsomely as he liquidated his holdings in May 2021, netting $27 million in profits. After the windfall, he allegedly splurged nearly $9 million on opulent indulgences, including high-end furniture, designer clothing, a luxury watch valued at over $380,000, five Rolls Royces, and a Ferrari.
Rinsch Seeks $14M From Netflix
Rinsch initiated a confidential arbitration proceeding against Netflix, alleging a breach of contract and claiming $14 million in damages. Netflix has denied any obligation to Rinsch, characterizing his demands as a “shakedown.” In a deposition, Rinsch claimed that the items purchased during his nearly $9 million spending spree were props for the Conquest series. However, he later argued in the case against Netflix that the funds were, in fact, his own, and he is entitled to an additional $14 million. A ruling on the matter is anticipated soon, as the case was heard before an arbitrator in November.
Hot Take
Carl Erik Rinsch took a significant financial risk by investing a portion of the Conquest series budget into Dogecoin, ultimately yielding a substantial return. His decision to explore ventures in the stock and cryptocurrency markets as a unique creative pursuit has prompted speculation and legal battles with Netflix over potential breach of contract, sparking interest in the cryptocurrency and film industry.
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