In a bold financial move, Carl Erik Rinsch, the director of the Netflix series “Conquest,” leveraged part of his production budget on Dogecoin and cashed out with a profit of $27 million.
Rinsch initially obtained $44.3 million from Netflix to finance his series. With escalating production costs, Rinsch asked for an extra $11 million.
In a surprising move, Rinsch used $10.5 million from Netflix’s funding to invest in the stock market, resulting in a loss of $5.9 million, as reported by The New York Times.
After his unsuccessful stint in the stock market, Rinsch tried his luck in the crypto market. His $4 million gamble on Dogecoin yielded a whopping $27 million profit.
Despite the significant investment from Netflix, “Conquest” has yet to produce a single completed episode. Netflix has now written off the project and is currently engaged in confidential arbitration proceedings with Rinsch.
Rinsch claims that Netflix owes him $14 million in damages for contract breach. Netflix, however, through spokesperson Thomas Cherian, stated, “it was clear that Mr. Rinsch was never going to complete the project he agreed to make.”