In an unexpected turn of events, Carl Erik Rinsch, the acclaimed director of \u201c47 Ronin,\u201d and the helm of the Netflix science fiction project \u201cConquest,\u201d diverted a significant portion of the series\u2019 budget into high-risk financial ventures, including the meme-inspired cryptocurrency Dogecoin (DOGE).<\/p>\n
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.<\/p>\n
Netflix invested $55 million in the product of the ambitious sci-fi series \u201cConquest,\u201d under Rinsch\u2019s 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,<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n