Director of Netflix science fiction series Conquest They reportedly bet $4 million of the show’s budget on Dogecoin (DOGE), making $27 million in the process.
According to a November 22 New York Times report, director Karl-Erik Linsch is now seeking an additional $14 million from Netflix, citing confidential arbitration proceedings.
A New York Times report details the story behind Rinsch’s sci-fi Netflix series. ConquestThe streaming giant invested $55 million into production, but we have yet to receive any episodes.
In March 2020, 16 months after Netflix acquired Rinsch’s idea and gave him an initial budget of $44 million, the director requested additional funding. Netflix paid and wired him $11 million on the condition that he finish the show.
Rinsch reportedly used $10.5 million of his new money to gamble on the stock market and made options bets on pharmaceutical companies and the S&P 500, losing nearly $6 million in just a few weeks, according to financial statements obtained by The New York Times. .
With just over $4 million left, Rinsch transferred the money to cryptocurrency exchange Kraken and went all-in on DOGE. He withdrew about $27 million when he liquidated in May 2021, according to account statements seen by The New York Times.
A wild Netflix story.
In 2018, the sci-fi series was acquired from director Carl Linsch. By 2020, Netflix had spent $44 million on the show.
Production was sluggish and Rinsch demanded $11 million more. He took the funds and quickly lost about $6 million on his pharmaceutical option YOLO.
A little later he took $4 million… pic.twitter.com/JnvY09Op9A
— Trung Phan (@TrungTPhan) November 22, 2023
“Thank you,” Rinsch said in a chat with a Kraken representative. God bless cryptocurrency,” he wrote.
According to a forensic accountant hired by Rinsch’s ex-wife for her divorce proceedings, Rinsch spent nearly $9 million with the proceeds on luxury furniture, designer clothing, luxury watches worth more than $380,000, five Rolls-Royces and a Ferrari. I lost.
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The New York Times reports that Rinsch has begun confidential arbitration proceedings against Netflix, claiming the streaming service breached its contract and should pay him $14 million in damages. Netflix denied it owed anything to Rinsch and referred to his demands as wavering.
In testimony, Rinsch said nearly $9 million in spending items were props for: Conquest. He later claimed in a lawsuit against Netflix that the money was actually his and that he was owed an additional $14 million.
A ruling on the case is expected soon, as it was heard before an arbitrator in early November.
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