director of 47 Ronin misappropriates Netflix budget, buying Dogecoin, making a $27 million profit.

The director of the movie " 47 Ronin," Carl Rinsch, who previously collaborated with Keanu Reeves, a giant in the streaming platform industry, Netflix, recently funded him to shoot a new sci-fi series. However, it is reported that he misappropriated $10.5 million of the program's budget. After suffering a dismal loss of $6 million in the stock market, he made a stunning turnaround by investing the remaining $4 million in Dogecoin, earning an incredible $27 million.

The dramatic story was first revealed by The New York Times. According to reports, in 2018, Netflix bought Rinsch's idea and provided him with an initial budget of $44 million, offering him considerable creative freedom. After 16 months, Rinsch requested additional funds, and Netflix agreed, sending him an additional $11 million. The total investment reached $55 million, but as of now, Netflix has not received any content from the director.

According to financial statements obtained by The New York Times, during the COVID-19 pandemic, Rinsch used $10.5 million of the additional $11 million from Netflix to gamble in the stock market. He engaged in high-risk options trading, resulting in a substantial loss of nearly $6 million within weeks. With the remaining $4 million, Rinsch transferred the money to a cryptocurrency exchange and invested the entire amount in Dogecoin. Upon liquidation in May 2021, his account statement showed a profit of approximately $27 million.

Interestingly, The New York Times reports that Rinsch initiated a confidential arbitration process against Netflix, claiming that the company's services violated the contract and owed him $14 million in compensation. Netflix, on the other hand, denies owing anything and characterizes it as extortion.

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