Dogecoin

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 <p class="is-style-lead">Netflix is accusing Conquest <a rel="noopener noreferrer nofollow" title="director" href="https://thebittimes.com/tag/director.html">director</a> Carl Erik Rinsch of spending $4 million of the <a rel="noopener noreferrer nofollow" title="series" href="https://thebittimes.com/tag/series.html">series</a>’ <a rel="noopener noreferrer nofollow" title="budget" href="https://thebittimes.com/tag/budget.html">budget</a> on the purchase of Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE).</p>
 <p>According to The New York Times, Netflix’s <a rel="noopener noreferrer nofollow" title="budget" href="https://thebittimes.com/tag/budget.html">budget</a> money, which was spent by <a rel="noopener noreferrer nofollow" title="director" href="https://thebittimes.com/tag/director.html">director</a> Carl Erik Rinsch, famous for the film 47 Ronin, was intended to finance the science fiction <a rel="noopener noreferrer nofollow" title="series" href="https://thebittimes.com/tag/series.html">series</a> Conquest, but was instead used to make investments in cryptocurrency.</p>
 <p>As per the New York Times report, Netflix allocated roughly $55 million for the creation of the new series. At first, however, the company only gave the project team $44.3 million. Later, Rinsch insisted the streaming giant allocate an additional $11 million, which he claimed was needed for props.</p>
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 <p>The director then decided to spend the additional $11 million issued by the company on investments, according to the New York Times report. Of the additional budget, he allegedly spent $10.5 million for shares in unknown entities, incurring at least $6 million in losses. Next, the director switched to investing in cryptocurrency, with only about $4 million remaining from the additional $11 million extra budget. He reportedly decided to invest the rest in DOGE through the Kraken crypto exchange, liquidating his position in May 2021, netting him $23 million in profits, per the New York Times.</p>
 <p>According to a forensic accountant hired by the <a rel="noopener noreferrer nofollow" title="director" href="https://thebittimes.com/tag/director.html">director</a>’s ex-wife for an unrelated divorce proceeding, Rinsch spent almost $9 million of his earnings on luxury furniture, designer clothes, watches worth more than $380,000, five Rolls-Royce cars, and a Ferrari.</p>
 <p>Rinsch claims that all purchases were made as props for Conquest.</p>
 <p>As of the time of writing, legal proceedings are ongoing between the director and Netflix.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/netflix-director-allegedly-yolos-4m-of-allocated-series-budget-on-dogecoin-tbt71329.html">https://thebittimes.com/netflix-director-allegedly-yolos-4m-of-allocated-series-budget-on-dogecoin-tbt71329.html</a></p>

Netflix director allegedly YOLOs $4m of allocated series budget on Dogecoin

TheBitTimes

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