Netflix Director Made $27 Million in Profits by Betting on Dogecoin ( $DOGE )🥶🥶🥶
Director Carl Erik Rinsch, recognized for his work on "47 Ronin," made a decision to risk a part of the $61.2 million budget provided by Netflix for his sci-fi series "Conquest."
Initially granted $44.3 million for the series, Rinsch sought an additional $11 million from Netflix due to escalating production costs. However, instead of utilizing the extra funds for the series as intended, he took an unconventional approach.
Reports from The New York Times indicated that Rinsch diverted $10.5 million from Netflix's 2020 funding round towards stock market investments. As a result of these investments, disclosed through court filings from his divorce proceedings, Rinsch incurred losses amounting to $5.9 million.
Following losses in the stock market, Rinsch redirected his attention to the cryptocurrency market, where his luck took a favorable turn.
A substantial investment of $4 million in the widely-known meme-inspired cryptocurrency, Dogecoin, proved immensely successful, resulting in a remarkable windfall of almost $27 million in profits.
Capitalizing on this unexpected financial gain, Rinsch engaged in lavish spending, indulging in extravagant purchases. These purchases included luxury vehicles such as a Ferrari and five Rolls-Royces, along with high-end designer items, accumulating to a total expenditure of $8.7 million.
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