Netflix Director’s High-Stakes Dogecoin (DOGE) Gamble Pays Off Amid Options Failures
In an unexpected turn of events, Carl Erik Rinsch, the acclaimed director of “47 Ronin,” and the helm of the Netflix science fiction project “Conquest,” diverted a significant portion of the series’ budget into high-risk financial ventures, including the meme-inspired cryptocurrency Dogecoin (DOGE).
According to a detailed report from the New York Times, the move was initially perceived as a daring sidestep from conventional filmmaking investments and turned into a rollercoaster ride of financial gains and losses, mixed with personal drama and legal disputes.
Netflix invested $55 million in the product of the ambitious sci-fi series “Conquest,” under Rinsch’s guidance, which was supposed to a major project for the steaming service. Production delays, budget allocation deviations, and other problems led to Netflix not seeing a single episode of the show,
In a bold move, after getting Netflix to go over its initial $44 million budget for the show, Rinsch received an additional $11 million under the condition the show would be completed.
The executive, however, redirected part of the series budget into the stock market, including a risky options bets on the S&P 500 and pharmaceutical stocks, which led to a loss of nearly $6 million.
Rinsch then ventured into the world of cryptocurrencies, betting $4 million on Dogecoin through cryptocurrency exchange Kraken. Unlike his options trades, this move turned a profit of $27 million that was followed by a spending spree.
He reportedly acquired luxury vehicles, high-end fashion, and a collection of extravagant watches in purchases that were revealed during divorce proceedings. Rinsch claimed these purchases were made as props for the series during the proceedings, before, in a separate case against Netflix, he said the funds were his own.
Amid this financial saga, Rinsch found himself embroiled in a legal tussle with Netflix. He filed a confidential arbitration proceeding, seeking $14 million in damages, alleging breach of contract. Netflix, on its part, has strongly refuted these claims and called them a shakedown.
Featured image via Unsplash.
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