Justin Bieber has reportedly been “deeply troubled” by his past business managers due to “severe mismanagement” of his wealth over the years and is contemplating taking legal steps.

Insiders informed TMZ that he believes he’s “lost a significant amount of money due to poor decisions made by his business managers”. The alleged individuals remain unnamed, but reports suggest multiple managers might be involved.

The source mentioned that it’s uncertain how much Bieber estimates has been lost, but it’s considered to be a “substantial sum”. 

The managers allegedly involved have not been named. (Image: Getty)

According to the insider, Bieber has been considering legal action against the alleged offenders, though not everyone on his current team is supportive of this idea.

Why are some of his team hesitant about Bieber pursuing legal action? Apparently, during a certain phase in his life, the “Sorry” singer incurred substantial expenses and spent his money “recklessly”. This suggests he might share some responsibility for his dwindling wealth. 

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This doesn’t imply he’s lacking in funds by any measure! He recently sold his music catalog in 2023 for $200 million USD (approximately $301 million AUD) to Hipgnosis Songs Capital. However, the timing raises questions — did he need a financial boost due to financial mismanagement? 

Considering Bieber rose to fame at just 13 years old with “Baby” in 2010, it would be expected for him to have amassed significant wealth. Before selling his music catalog, his net worth was reportedly $100 million USD (approximately $150 million AUD). 

Hailey Bieber and Justin Bieber recently welcomed their first child. (Image: Getty)

A previous source shared with Daily Mail that his wife Hailey Bieber played a role in persuading Bieber to sell his catalog, an action typically seen later in a musician’s career. Essentially, Bieber will now no longer earn royalties from tracks released before December 31, 2021. 

“Justin was advised against selling. Hailey played a part in convincing him to do it,” the insider revealed. 

The same report indicated that his wife was a “notoriously high spender”, but the couple dismissed these claims as “sensationalized”. 

It remains unclear whether the proceeds from the sale were mismanaged, but hopefully, more details about this situation will emerge soon. 

Lead image: Getty