Carl Erik Rinsch, well-known director of “47 Ronin” and leader of the Netflix sci-fi project “Conquest” bet big on Dogecoin (DOGE) recently. In a move that defies convention, Rinsch shifted a significant portion of the series’ budget to enterprises high risk, highlighting his move on the aforementioned cryptocurrency.
This financial strategy, reported by the New York Times, initially seemed like a bold departure from movie investment patterns. However, it turned into a complex plot of financial ups and downs, mixed with personal dilemmas and legal disputes.
In March 2020, 16 months after Netflix bought Rinsch’s idea and provided him with an initial budget of $44 million, the… pic.twitter.com/TrlU7azWCp
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How did the budget investment unfold?
Netflix, which had invested $55 million in “Conquest,” faced challenges with production delays and questionable budget allocations, which resulted in no episodes of the highly anticipated series being delivered. Rinsch later obtained an additional $11 million from Netflix on the promise of completing the series.
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However, in a financial turnaround, part of this budget was redirected to the stock market. The activity focused on risky bets on the S&P 500 and pharmaceutical stocks, resulting in significant losses of nearly $6 million.
Legal dispute with Netflix highlights the boldness of the investment
By contrast, Rinsch’s entry into the cryptocurrency market, specifically his $4 million bet on Dogecoin through the Kraken exchange, yielded an impressive return of $27 million. This windfall led to a series of extravagant expenses, including the acquisition of luxury cars and expensive watches, which were later revealed during their divorce proceedings. Rinsch defended these purchases as necessary for the series, although in another lawsuit against Netflix, he claimed the funds were personal.
This financial journey culminated in a legal battle with Netflix. Rinsch sued the streaming giant, seeking $14 million in damages for breach of contract. Netflix, for its part, denied the allegations, describing them as baseless.
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The director’s situation with Netflix and his investment in Dogecoin illustrate the unpredictability and potential rewards of the cryptocurrency market. While traditional stock investments have resulted in losses, betting on Dogecoin — a cryptocurrency often seen as volatile and speculative — has brought a substantial financial return.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.