Film director loses Netflix’s $11 mn given for a sci-fi series on stocks, crypto; netizens hail ‘good documentary story’
Filmmaker Carl Rinsch loses $11 million from Netflix in option trading, invests $4 million in Dogecoin and makes $27 million.
Instead of using the $11 million fund received from Netflix on his science fiction series, director Carl Rinsch put all the money into gambling and lost nearly $6 million of it on futures trading.
However, he managed to turn the remaining $4 million of the grant into $27 million by investing it into Dogecoin, a dog-themed cryptocurrency, reported New York Times. Later, he destroyed his remaining wealth on extravagant shopping and luxury cars.
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Filmmaker Carl Rinsch had received $11 million from streaming giant Netflix for his sci-fi series. Later, he deposited $10.5 million into his Charles Schwab trading account and lost over half of it by trading options, according to the NYT report.
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Other than the funding of $11 million, Netflix has already spent $44 million on the show in the last five years. The streaming platform bought the rights to the series from Rinsch in 2018.
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After being unable to produce the series, Rinsch demanded $11 million more from Netflix for the show only to lose a large chunk of the money in option trading on pharma stocks. Now, Netflix has stopped funding the project and has taken legal action against Rinsch said NYT in its report.
The incident has left the internet in splits with many calling Rinsch a “legend” and others regarding the fraud case as a better plot for a web series.
“They will own the rights to the story, make a documentary about his fraud, play it on Netflix, and recoup some of their loss,” commented an X user on the post related to the incident.
“Mans used Netflix for exit liquidity,” wrote another user on X.
“They will make more money on him if they make a documentary about his gambling and lifestyles and own the right to it. In the end, nobody loses,” wrote an X user.
“Netflix got its content, just not the way it expected,” wrote an X user.
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Business NewsNewsWorldFilm director loses Netflix’s $11 mn given for a sci-fi series on stocks, crypto; netizens hail ‘good documentary story’
First Published:23 Nov 2023, 05:36 PM IST
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