The director of a Netflix series that will most likely never appear on the platform has raised a huge sum of money with a notable investment in Dogecoin (DOGE). He used the millions of dollars allocated for the production of the series to his own advantage, and it went quite well.
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Huge profit thanks to Dogecoin
In 2018, the streaming giant bought the rights to a series called “Conquest.” Now, almost six years later, the $55 million series is still not available on Netflix, and that’s unlikely to change.
The New York Times revealed the remarkable story in a detailed article on November 22nd.
It is reported that the director behind the series, Carl Eric Rinsch, became increasingly erratic shortly after signing the contract with Netflix.
In March 2020, 16 months after Netflix bought Rinsch’s idea and gave him an initial budget of $44 million, the director demanded more money. Netflix agreed and provided an additional $11 million. The only condition was that he finish the series.
The majority of this additional million dollar amount was then invested on the stock market. Specifically, he invested the money in options from pharmaceutical companies and the S&P 500, according to financial reports available to the New York Times. He reportedly lost $6 million in just a few weeks.
With just over $4 million left, Rinsch decided to attempt an attack on the American crypto exchange Kraken. He went all-in on Dogecoin and saw his fortune turned upside down several times. In May 2021, when the Dogecoin price is All-time high He sold his entire investment for a total of $27 million.
With the enormous proceeds, Rinsch is said to have spent almost $9 million on expensive furniture, designer clothing, a luxury watch worth more than $380,000, five Rolls Royces and a Ferrari. This was explained by a forensic accountant who was hired by Rinsch’s ex-wife for their divorce proceedings.
A legal dispute arose
According to the New York Times, Rinsch has filed against Netflix for confidential arbitration, or private dispute resolution, in which the case is heard by an independent arbitrator instead of the traditional court. He claims Netflix breached his contract and owes him $14 million in damages. Additionally, he claims that the nearly $9 million in purchases mentioned above were intended for Conquest.
A decision is expected soon after the case was heard by an arbitrator earlier this month.
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