Director Invests $4M Netflix Budget into Dogecoin, Earns $27M

Reports reveal Carl Erik Rinsch, director of Netflix‘s Conquest series, utilized $4 million from the show’s budget to invest in Dogecoin (DOGE), generating an impressive $27 million profit.

In a confidential arbitration proceeding, Rinsch is reportedly requesting an additional $14 million from Netflix, as detailed in a recent article by The New York Times. The report delves into the show’s behind-the-scenes saga, where Netflix allocated $55 million for the production of Conquest, yet no episodes have been delivered thus far.

Following Netflix’s initial $44 million budget for Rinsch’s concept, an additional $11 million was granted in March 2020 under the condition of completing the series. Financial documents obtained by The New York Times revealed that Rinsch allocated $10.5 million of the additional funds to stock market investments, facing a significant loss of nearly $6 million within weeks through options trading in pharmaceutical companies and the S&P 500.

With approximately $4 million remaining, Rinsch transitioned the remaining funds to Kraken, a cryptocurrency exchange, and opted to invest in DOGE. By May 2021, his investment yielded a lucrative return of around $27 million after liquidation.