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Netflix series director misappropriates budget ALL IN $DOGE 4 million EUR

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Netflix series director misappropriates budget ALL IN $DOGE 4 million EUR

Director Carl Erik Rinsch, known for the Netflix series "Conquest," reportedly diverted $4 million from the show's budget to speculate on $DOGE, earning $27 million.

Rinsch now claims that Netflix owes him $14 million for production funds, according to a confidential arbitration document.

Netflix Director Spends $4 Million on DOGE Instead of Working

Netflix invested $55 million in "Conquest," but has yet to receive any finished product. In March 2020, Netflix acquired Rinsch's script and provided an initial budget of $44 million, 16 months later Rinsch requested more funds, and Netflix agreed, allocating an additional $11 million.

Rinsch used this extra $11 million to speculate in the stock market, including purchasing pharmaceutical companies and S&P 500 index options. Within a few weeks, he lost over $6 million. He then transferred the remaining $4 million plus to Kraken and went ALL IN on $DOGE, cashing out $27 million from Kraken in May 2021.

Still image from the Netflix movie "47 Ronin," directed by Rinsch and starring Keanu Reeves

Unhappy with Netflix Leak, DOGE Director Takes Legal Action

According to an accountant hired by Rinsch's ex-wife, Rinsch purchased $9 million worth of high-end furniture, designer clothes, a luxury watch exceeding $380,000, five Rolls-Royces, and a Ferrari with his profits. In a conversation with Kraken employees, Rinsch reportedly said, "Thank you and god bless crypto."

Reportedly, Rinsch initiated a confidentiality arbitration process against Netflix, claiming Netflix breached the contract and should compensate him $14 million. Netflix denies owing Rinsch any money and views his demands as extortion. Rinsch stated the $9 million expenditure was for props for "Conquest." He later argued in the lawsuit against Netflix that this $9 million is his, and Netflix should additionally compensate him $14 million.

As this case is now in the hands of arbitrators since early November, a resolution is expected soon. It remains to be seen how this dispute between the renowned director and the streaming giant will unfold, and it is worth our continued attention.