Justin Bieber has been considering filing a lawsuit against several of his former business managers for allegedly "grossly mismanaging" a portion of the singer's fortune through poor decisions, a new report claimed.
According to TMZ, the 30-year-old singer of "Peaches" has been dissatisfied for "several years." The number of managers involved was not specified, but it was "more than one."
Justin was uncertain about the amount of money he believed was spent, but he did indicate that it was significant. Celebrity Net Worth estimates that Justin's fortune is $300 million as of 2024.
The outlet reported that Justin's team was divided on whether to file a lawsuit. One faction believed that they should not pursue legal action because the Canadian native recklessly spent his money during a period in his life, resulting in a major drop in his wealth.
In 2023, Justin received a critical financial gain when he sold the rights to his music catalog for over $200 million. On June 19, In Touch Weekly reported that he had already spent his cash savings.
In May, Hailey Bieber and Justin made the uncommon decision to take a commercial flight due to his declining finances. According to a source, Justin could not finance private flights this time, even though they typically do so. He has been compelled to reduce his expenditures on certain luxury items, as he currently spends more money than he receives.
The "Holy" singer has not performed since 2022 and released his most recent album, Justice, in 2021. According to the insider, Justin's wealth management team was experiencing conflict due to his lack of new income.
He was recently advised against purchasing a $700K diamond ring for Hailey, so he applied for a loan. Nevertheless, the insider disclosed that the loan was denied, and he procured the item regardless. Justin may incur irreparable losses if he fails to implement modifications promptly. He is destined to become bankrupt.
After his battle with Ramsay-Hunt Syndrome, Justin announced on September 6, 2022, that he would cancel the North American leg of his Justice world tour.
On September 4, 2022, the "Sorry" singer disclosed that his decision was prompted by his "exhaustion" following his performance at the Rock in Rio festival in Brazil.
“After getting off stage, the exhaustion overtook me and I realized that I need to make my health the priority right now,” his announcement read. “So, I’m going to take a break from touring for the time being.” He never resumed his tour.
Justin disclosed in June 2022 his health issues to his followers, demonstrating the physical results on his face. “Obviously as you can see from my face, I have this syndrome called Ramsay Hunt Syndrome, and it is from this virus that attacks the nerve in my ear and facial nerves and has caused my face to have paralysis,” he elaborated in an Instagram video.
“I hope you guys understand, and I’ll be using this time to rest and relax and get back to 100 percent so that I can do what I was born to do. But in the meantime, this ain’t it. I gotta go get my rest on so that I can get my face back to where it’s supposed to be," the "Baby" singer added.
Business Times has reached out to Justin Bieber for comments.
