Netflix Director Uses Movie Budget for Crypto Trading
In late 2018, Netflix appointed Carl Erik Rinsch to helm a new series based on his script about artificial humans. Granted complete creative freedom and a $55 million budget, Rinsch nevertheless failed to finish even one episode.
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In late 2018, Netflix appointed Carl Erik Rinsch to helm a new series
based on his script about artificial humans. Granted complete creative
freedom and a $55 million budget, Rinsch nevertheless failed to finish
even one episode.
As
the project progressed, Rinsch's behavior grew increasingly erratic. He
clashed with several producers, espoused Covid-19 conspiracy theories,
indulged in lavish spending, and even claimed he could predict lightning
strikes.Two
years in, with an additional $11 million provided for an extended
version of the series and a potential second season, Rinsch ventured
into the stock market, losing about $5.9 million swiftly.
He
then transferred the remaining funds to the crypto exchange Kraken and
went all in on Dogecoin. Following a market upswing, his investment
ballooned to $27 million, which he splurged on luxury cars, furniture,
and clothing.
“Thank you and god bless crypto,” Rinsch wrote, endorsing Kraken.
Netflix
subsequently accused Rinsch of misusing funds and demanded their
return. Rinsch countered the accusations, seeking $14 million in damages
from Netflix for an alleged contract breach.
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