Director Spends $4 Million of Netflix Budget on Dogecoin

Karl Erik Rinsch, the director famous for the movie "47 Ronin," diverted $4 million from Netflix's financial pool to invest in Dogecoin, as reported by The New York Times. The funds were originally allocated for the production of the science fiction series "Conquest."

Since March 2020, Netflix had allocated approximately $55 million for the development of the new series. Initially, the company provided $44.3 million to the project team. Later, the director insisted on an additional $11 million, despite the streaming service not having received any episodes despite the significant funding.

Of the additional $11 million, Rinsch decided to invest a considerable portion. Approximately $10.5 million was allocated to stocks, resulting in losses of at least $6 million. He shifted to cryptocurrency investments when only about $4 million remained from the budget. The remaining amount was directed towards DOGE via the Kraken crypto exchange. Rinsch exited the position in May 2021, earning $23 million.

An accountant hired by Rinsch's former spouse for their divorce proceedings revealed that Rinsch spent nearly $9 million on luxury furniture, designer clothes, watches exceeding $380,000, five Rolls-Royce and Ferrari cars, all allegedly for the series "Conquest." Legal disputes between Rinsch and Netflix ensued, with Rinsch demanding $14 million from the streaming service, alleging breach of contract. Netflix denies any liability, terming Rinsch's actions as extortion.

The case remains ongoing, with Rinsch seeking compensation for alleged damages, while Netflix defends its position, claiming no contractual breach. This investment move has drawn attention, questioning the boundaries of creative license and financial responsibility within the entertainment industry.