Director YOLO'd $4M of Netflix's budget on $Doge coin turned into $27M

Carl Erik Rinsch, the director of Netflix's anticipated sci-fi series Conquest, reportedly took an unconventional approach with the show's budget. Rumor has it that he allocated nearly $11 million to engage in stock and crypto trading, resulting in a multimillion-dollar windfall from a single Dogecoin bet.

Evidently, Rinsch utilized $4 million from the show's funds to invest in Dogecoin, ultimately turning his investment into a staggering $27 million.

Recent reports suggest that Rinsch is now seeking an additional $14 million from Netflix, as revealed in a confidential arbitration proceeding reported by The New York Times on November 22.

The backstory reveals the intriguing drama surrounding Rinsch's Netflix project, for which the streaming giant allocated $55 million but has yet to see an episode. In March 2020, 16 months after Netflix greenlit Rinsch's concept with an initial budget of $44 million, the director requested more funds. Netflix agreed, providing an additional $11 million with the condition that he completes the series.

Financial statements obtained by The Times indicate that Rinsch used $10.5 million of the extra funds to engage in stock market speculation. Unfortunately, he reportedly incurred losses of nearly $6 million in just a few weeks through options bets on pharmaceutical companies and the S&P 500.

Left with a little over $4 million, Rinsch shifted his focus to the crypto market, particularly Dogecoin, on the Kraken exchange. By May 2021, he reportedly cashed out, netting around $27 million, as seen in an account statement.

Rinsch's extravagant spending followed, including substantial investments in high-end furniture, designer clothing, a luxury watch exceeding $380,000 in value, and a fleet of luxury cars, including five Rolls-Royces and a Ferrari. According to a forensic accountant hired for divorce proceedings by Rinsch's ex-wife, these expenses amounted to nearly $9 million.

In response to his financial maneuvers, Rinsch initiated a confidential arbitration against Netflix, alleging a breach of contract and claiming $14 million in damages. Netflix has adamantly denied any financial obligation to Rinsch, characterizing his demands as a 'shakedown.'

During a deposition, Rinsch initially asserted that the extravagant purchases were props for Conquest. However, he later argued in his case against Netflix that the funds were rightfully his, contending that he is owed an additional $14 million. The arbitration proceeding concluded in November, and a ruling on the case is anticipated in the near future.