Justin Bieber is reportedly thinking about taking legal action against his old business managers for mishandling his finances.
Sources told TMZ on Wednesday that the singer has been upset for years, believing that his managers’ poor decisions have made him lose a lot of money. While it’s not clear how much money Bieber, 30, thinks has been wasted, sources informed the outlet that he has been considering suing the individuals involved.
Nevertheless, the report also suggests that the pop star’s current team is split on whether to pursue a lawsuit. Those opposed to legal action argue that Bieber had been spending recklessly for a while, which contributed to his financial problems, according to TMZ.
The “Never Say Never” singer, whose net worth is estimated at $300 million, significantly increased his wealth in January 2023 by selling his music catalog for $200 million to Hipgnosis Songs Capital. This agreement increased shares from both his publishing and recorded music catalogs, as well as interests in his publishing rights, master recordings, and neighboring rights for his entire collection of works.
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Hipgnosis is a company who purchases song catalogs from musicians and generates income when their tracks are streamed online or featured in films and advertisements.
Justin Bieber gained popularity at the age of 13 after his 2010 hit “Baby” took off.
Prior to selling his music rights, the “Sorry” artist, who recently became a father to son Jack with his wife Hailey Bieber, was estimated to be worth around $100 million.
Earlier this year, Justin ended his partnership with business manager Lou Taylor and brought on Edward White, who also manages Johnny Depp. TMZ did not identify the specific managers involved in the situation.