Nov 23, 2023
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Director Rinsch gambles $11M Netflix budget on stocks, crypto, earns millions from Dogecoin bet.
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Netflix Director Bets $4M on Dogecoin, earns $27M, seeks additional $14M from the streaming platform as reported by a New York paper.
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In March 2020, 16 months post Netflix's $44 million budget for Rinsch's idea, he asked for more. After receiving $11 million, he reportedly lost nearly $6 million in stock market bets. With $4 million remaining, he went all in on DOGE, earning around $27 million when he cashed out in May 2021.
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Rinsch reportedly spent $9 million from Dogecoin earnings on luxury items, including furniture, clothing, a $380,000 watch, five Rolls-Royces, and a Ferrari, as per a forensic accountant hired for divorce proceedings by his ex-wife.
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Rinsch files arbitration against Netflix, alleging breach, demands $14 million. Netflix denies, calls it a shakedown. The former claims $9 million spent on Conquest props. Court ruling anticipated after November arbitration.
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“Thank you and god bless crypto,” Rinsch wrote while in conversation with a Kraken representative.
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The International streaming platform are not quite happy with the Director and condemned the act.
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