Netflix's $4M Dogecoin Gamble A $27M Win

Netflix invested 4 million dollars of its budget in Dogecoin and made 27 million dollars. According to a report published in The New York Times on November 22nd, the director of Netflix's sci-fi series Conquest took 4 million dollars from the show's budget to bet on Dogecoin and reportedly made 27 million dollars in the process.
The article in The New York Times referred to a secret arbitration case and revealed the behind-the-scenes events of director Carl Erik Rinsch's sci-fi series Conquest, which cost 55 million dollars to produce and has yet to release a single episode.In March 2020, 16 months after Netflix allocated a starting budget of 44 million dollars to acquire Rinsch's idea, the director requested additional funding. Netflix agreed to this and invested an additional 11 million dollars in the project on the condition that Rinsch would complete the series.According to financial statements obtained by The New York Times, Rinsch used 10.5 million dollars from the new funding to gamble on the stock market. Allegedly, the director lost approximately 6 million dollars within a few weeks by betting on S&P 500 and pharmaceutical companies.Rinsch transferred the remaining amount of less than 4 million dollars to the cryptocurrency exchange Kraken and used it to buy DOGE. The account summary evaluated by The New York Times revealed that Rinsch made a withdrawal of 27 million dollars in May 2021.It was alleged that during a live chat with a Kraken representative, Rinsch said, "Thank you. May God protect crypto." The attorney hired for Rinsch's divorce case claimed that the director spent approximately 9 million dollars on high-end furniture, designer clothes, a luxury watch worth over 380 thousand dollars, five Rolls Royces, and a Ferrari with the income he earned.The New York Times reported that Rinsch initiated a secret arbitration process against Netflix, claiming that the streaming service breached their contract and owed him 14 million dollars in compensation. Netflix denied being indebted to Rinsch and referred to his demands as blackmail.Rinsch argued that the products purchased with the 9 million dollars were set decorations for the Conquest series. In the lawsuit he filed against Netflix, Rinsch asserted that the money belonged to him and that Netflix owed him an additional 14 million dollars.
A decision regarding the case, which was heard with a mediator in early November, is expected to be made soon.