Netflix invests $55 million for a series and director reportedly gambles $11 million away on trading and Dogecoin

Netflix Inc. (NASDAQ: NFLX) has reportedly spent $55 million on a project named Conquest that might never come to fruition. According to reports by the New York Times, Carl Erik Rinsch, director of Netflix's Conquest, used $4 million from the show's budget to invest in Dogecoin. He made a profit of $27 million from this investment.

Additionally, Rinsch spent $10.5 million on stock market trades, including options in pharmaceutical companies and the S&P 500. These trades resulted in nearly $6 million in losses. However, now Rinsch accuses the streaming arena of breaking their contract and demands at least $14 million in damages. According to the New York Times, Netflix denies these claims.

To understand the happening better, one must be cognizant of the dispute that started when Cindy Holland, Netflix’s former VP of original content, won a bid for Rinsch’s science fiction series about artificial humans. This series was thus named Conquest, which has drained the streaming giant of significant money, time, and effort.

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Conquest: The troubled journey of Netflix's dream project

The streaming mammoth invests in a project that isn't reportedly coming to fruition (Image via Netflix)

In 2018, Carl Erik Rinsch, director of 47 Ronin, caught Hollywood's attention with his sci-fi series Conquest about artificial humans. Despite his previous film's failure and conflicts, Netflix outbid Amazon, offering Rinsch millions and full creative control. However, this deal with Rinsch became a costly error for Netflix.

Being impressed with the series' story, Netflix invested over $55 million in the series but received no finished episodes. As per reports by the New York Times, Rinsch, the filmmaker of the series, exhibited erratic behavior. The same reports indicate his involvement in strange claims and misuse of Netflix's funds in stocks, cryptocurrencies, and luxury purchases.

Furthermore, according to a few reports, Rinsch claims that the streaming network owes him $14 million for contract breaches, which Netflix disputes. Consequently, this situation highlights Hollywood's shift from excessive spending to profit-focused strategies.

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The career challenges faced by the filmmaker of Conquest

The streaming mammoth invests in a project that isn't reportedly coming to fruition (Image via BusinessLoop/X)

Carl Rinsch, a filmmaker known for his talent and eccentricity, has encountered many career obstacles. These impediments also clashed while making the 47 Ronin and White Horse series.

The same irrational behavior was reportedly reflected in the Conquest set as well. It included the crew's mistreatment and delusions, which raised alarms.

Initially, the streaming giant supported Rinsch, granting him full control of Conquest. However, his erratic demands and bizarre behavior, like spreading COVID-19 conspiracy theories, strained their relationship.

Therefore, Netflix eventually withdrew funding for Conquest, as a result, Rinsch pursued risky cryptocurrency investments and reportedly became a spendthrift.

Additionally, Rinsch's troubled past includes being barred from editing 47 Ronin. His ex-wife, Gabriela Rosés Bentancor, exposed his harmful actions, such as overworking staff, misusing funds, and intimidation. As per reports, his detachment from reality goes back to childhood, with fabricated stories about his upbringing.

Moreover, Rinsch's mental health declined during the overseas shoot of Conquest. Reportedly, he experienced rampant sleeplessness and paranoia. His unpredictable nature made him aggressively dismiss Netflix's concerns about him and the project. Despite completing several episodes, Rinsch refuses to share them with Netflix or help finish the series.

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Now, the streaming platform and Rinsch are locked in a legal battle over contract breaches, leaving Conquest in limbo.