The Director Who Spent $11M of the Money Netflix Gave Him for Sci-fi Series on Buying Dogecoin, Made $16M Profit
In 2018, Netflix signed an eye-popping deal with director Carl Erik Rinsch to develop a sci-fi series titled Conquest. The streaming giant handed Rinsch a whopping $61.2 million budget along with unprecedented creative control. But more than four years later, Netflix has yet to receive a single finished episode, while Rinsch has pocketed millions.
Should Netflix Have Seen Warning Signs With Carl Erik Rinsch’s Deal?
According to the New York Times, Rinsch initially convinced Netflix that Conquest could become the next buzzworthy sci-fi franchise à la Stranger Things. The company bought in, disregarding Rinsch’s reputation in Hollywood for erratic behavior and his sole feature film directorial effort, 2013’s 47 Ronin, bombing at the box office.
Yet there were clear early warning signs that Netflix chose to ignore. For starters, Rinsch did not even have a complete script when pitching the series. His loose treatment raised eyebrows given its apocalyptic storyline involving artificial humans deploying across the globe supposedly for humanitarian work.
Nonetheless, Netflix handed Rinsch the largest budget it had ever granted a first-time showrunner along with the rare concession of final-cut privileges. But Rinsch’s increasingly unstable conduct soon gave Netflix executives buyer’s remorse.
Where Did the $55 Million That Netflix Spent on Conquest Actually Go?
Soon after securing Netflix’s financing, Rinsch displayed growing signs of erratic behavior according to the show’s cast and crew. This included wild mood swings, paranoia, and outlandish claims that he could predict natural disasters.
Rinsch also began gambling large chunks of Netflix’s production funds in the stock market and on risky cryptocurrency bets. His stock market investments resulted in nearly $6 million in losses. But Rinsch made up for it by pouring over $4 million into meme cryptocurrency Dogecoin, reaping a $16 million profit when he cashed out months later.
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Beyond his risky trading, Rinsch embarked on a lavish spending spree during this period. He blew nearly $9 million of funds on luxury cars, designer clothing, expensive watches, and fancy furniture. All while failing to deliver a single finished episode to Netflix from the $55 million it had already spent on Conquest.
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