Film director loses Netflix's $11 mn given for a sci-fi series on stocks, crypto; netizens hail ‘good documentary story'
Also Read: Government proposes new law to regulate OTTs like Netflix, Amazon, Disney+ Hotstar. Details here Filmmaker Carl Rinsch had received $11 million from streaming giant Netflix for his sci-fi series. Later, he deposited $10.5 million into his Charles Schwab trading account and lost over half of it by trading options, according to the NYT report.
Also Read: Distracted by David Beckham's Netflix documentary, woman brushes teeth with pain relief cream Other than the funding of $11 million, Netflix has already spent $44 million on the show in the last five years. The streaming platform bought the rights to the series from Rinsch in 2018. Also Read: Netflix raises subscription prices in THESE countries as customer base surges.
Details here After being unable to produce the series, Rinsch demanded $11 million more from Netflix for the show only to lose a large chunk of the money in option trading on pharma stocks. Now, Netflix has stopped funding the project and has taken legal action against Rinsch said NYT in its report. The incident has left the internet in splits with many calling Rinsch a “legend" and others regarding the fraud case as a better plot for a web series.
“They will own the rights to the story, make a documentary about his fraud, play it on Netflix, and recoup some of their loss," commented an X user on the post related to the incident. “Mans used Netflix for exit liquidity," wrote another user on X. “They will make more money on him if they make a documentary about his gambling and lifestyles and own the right to it.
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