Since Justin Bieber canceled his Justice World Tour in 2023, fans have been concerned about his well-being and wealth. Many have even wondered: Is Justin Bieber losing his money? Well, the famous pop star has been maintaining a low profile since he was diagnosed with Ramsay Hunt syndrome.
It was the most challenging time for him. However, it’s believed that Justin is doing great now in terms of his health. However, many sources suggest that Justin Bieber is on the verge of bankruptcy. That’s because the singer has been spotted cutting some of his luxury expenditures from his life.
Not only this, but Justin Bieber has also entered a legal battle with none other than the infamous Lou Taylor. Yes, you read that right, the woman responsible for stealing Britney Spears’s money. So, how things went like this in Justin Bieber’s life? Let’s get into the entire matter.
Is Justin Bieber Losing His Money?
Justin Bieber could be facing some severe complications since he denied following a better financial model. A source closer to Justin and Hailey Bieber shared that Justin is closer to bankruptcy in June 2024. That’s why the singer is cutting down the cost. The source even shared that Justin and Hailey, who used to fly private, can no longer afford such a luxurious journey.
The pop sensation’s condition is currently terrible. That’s because Justin spends more money than he earns. While Justin Bieber’s net worth was once around $285 million, it is now supposed to have declined because of his reckless expenditures. According to reports, Justin might have been struggling with his wealth, and he might have relied on Hailey Bieber to bankroll him instead.
This situation is getting messier by the day. Since Justin and Hailey Bieber announced their pregnancy, the Baby singer has been going overboard to make things better for their unborn baby. He even bought a $700K diamond ring for Hailey during their vow renewal ceremony. While Hailey flaunted her giant oval-shaped ring, the insider revealed that they advised Justin not to buy the ring.
That’s because he wasn’t able to spend such an amount. So, the singer applied for a loan, which was later denied. Despite that, Justin Bieber bought the ring, and now it is believed that he could lose everything anytime. The insider shared that “He [Justin Bieber] is going to go broke” if he doesn’t act accordingly.
Justin Bieber Sold The Rights Of His Biggest Hit Catalog
Back in January 2023, Justin Bieber surprised his fans by selling his catalog to the music rights investment company Hipgnosis. According to Billboard, Justin sold his biggest hit tracks, such as Baby, Love Yourself, and many more, at $200 million. It marked him the largest of any artist of this generation.
While Bieber no longer owns the rights to his own music, this has greatly affected his net worth. Currently, Justin has no source of income. An insider shared that if this trend continues, he will need to return to the studio to create more songs. Not only this, but Justin Bieber needs to start touring again to restore his wealth.
However, Justin’s health has taken a toll on him. Though he first appeared on stage in Coachella 2024, Justin is not ready to tour again. He is currently facing some anxiety issues, which might lead to more complications in the singer’s life.
Hailey Isn’t Supporting Justin Bieber
While many blame Justin Bieber for recklessly selling his catalog, his money is managed by a company led by Lou Taylor, the woman involved in Britney’s conservatorship. Just after the deal with Hipgnosis was finalized, Justin’s longtime manager, Scooter Braun, talked about the singer’s greatness. He even said, “Justin is truly a once-in-a-generation artist.”
However, the situation is darker than it seems. While many believed Justin, like other singers, sold his catalog before the Joe Biden Administration allowed capital gains taxes to increase, the situation is different. An insider shared that the sale was carried out strangely, and it was suggested that Lou Taylor was responsible for that.
While Justin Bieber and his team decided to keep this away from the media, Lou Taylor was serving as Justin Bieber’s new manager back then. The lady who had run a micro-mafia of her own was eyeing the biggest fish ever—Justin Bieber. A source suggested that Lou Taylor stole Britney’s money. She even tried to do the same with Courtney Love, Lindsey Lohan, and Amanda Bynes.
In fact, Justin’s mom was also following Lou Taylor, hinting that his family didn’t even care about Justin’s wealth. In addition, Hailey Bieber kept mum about the situation. She was the one who supported Britney Spears in getting out of this conservatorship. She even partnered with Britney to help her. But Hailey isn’t doing anything to support her husband, Justin Bieber.
Justin Bieber Is Trying To Get Back On Track
After Justin lost a hefty amount of money, the singer is now taking steps to get back on track. On June 16, 2024, Justin Bieber told PEOPLE that he is excited about the new projects he is currently working on. Justin is focused on the opportunity in front of him. While it was a sigh of relief for his fans, the singer also revealed that neither Scooter Braun nor SB Projects are involved in his current management.
That means he has broken free from Lou Taylor. Justin has now hired Johnny Depp’s financial manager, Edward White, the founder of Edward White & Co. since 1976. The company recently merged with Eide Bailly and also served several Hollywood figures like Allen Paulson and Jack Nicholson. PEOPLE also shared that Lou Taylor has supported Justin Bieber’s business transition.
As for Scooter Braun, Justin is no longer in contact with his longtime manager. Braun announced his retirement just after Bieber announced his new deal with Depp’s manager. Previously, it was reported that Scooter’s contract was extended until 2027. However, things have changed. Does this mean Justin Bieber isn’t losing his money?
Well, the singer is working on his new project, so things will be fine for him. We will update you about whether Justin Bieber is running out of money as soon as we learn some big insight. Till then, stay with Soap Opera Daily.