Netflix could profit by creating a documentary on this captivating story, take your coffee before you start!

🎬 #Netflix Funding to Carl Rinsch:

Netflix ( $NFLX ), granted $11 million to filmmaker Carl Rinsch for his science fiction series.

📉 Misuse of Funds:

Instead of using the $11 million for the intended sci-fi series, Rinsch diverted the entire amount into #crypto trading! He incurred a loss of nearly $6 million through futures trading with the funds.

🐶 Investment in #Dogecoin :

Rinsch managed to transform the remaining $4 million into $27 million by investing in Dogecoin, a dog-themed cryptocurrency.

💸 Extravagant Spending:

Despite the gains from Dogecoin, Rinsch squandered his remaining wealth on extravagant shopping sprees and luxury cars.

💥 Financial Actions:

Rinsch deposited $10.5 million from the Netflix grant into his Charles Schwab trading account. He lost over half of this amount through options trading.

💼 Netflix's Past Investment:

In addition to the $11 million, Netflix had already spent $44 million on the sci-fi series over the past five years. Netflix acquired the series rights from Rinsch in 2018.

💰 Demand for Additional Funds:

Unable to produce the series, Rinsch requested an extra $11 million from Netflix. He lost a significant portion of this additional funding through option trading on pharmaceutical stocks.

👩‍⚖️ Legal Action by Netflix:

Due to the misuse of funds and halted production, Netflix has stopped funding the project. Legal action has been taken against Rinsch by Netflix, as reported by the New York Times.