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In 2023, Justin Bieber sold his music catalog to a company called Hipgnosis Songs Capital for $200 million. Hipgnosis is one of those companies that basically buys song catalogs in order to earn royalties when a song appears in a movie or TV show, commercial, or is streamed online. Justin made a ton of money with the sale and now has an estimated net worth of $300. Unfortunately, Justin’s fortune may have been mismanaged by his former business managers. Page Six via TMZ is reporting that Justin has been angry for “several years” because he feels his ex-managers have lost him a lot of money. He’s even considering suing them over it.
Justin Bieber is reportedly considering taking legal action against his former business managers for mismanaging his money.
The “Peaches” singer has been livid for several years because he believes he has lost a lot of dough due to decisions made by his managers, sources told TMZ Wednesday. Though it is unclear exactly how much money Bieber, 30, believes has been squandered, the insiders told the outlet that he has been discussing the possibility of suing those responsible.
However, the pop star’s current team is reportedly divided about a potential lawsuit.
Those who are against legal action claim Bieber was spending irresponsibly for some time and caused his own issues, according to TMZ. The “Never Say Never” crooner, who has an estimated net worth of $300 million, made the bulk of his fortune in January 2023 when he sold his music catalog for $200 million to Hipgnosis Songs Capital.
The deal included shares of Bieber’s publishing and recorded-music catalog, interest in his publishing copyrights, master recordings and neighboring rights for his entire back catalog. Hipgnosis buys song catalogs from artists and earns revenue when their music is streamed online or used in movies or advertising.
Bieber rose to fame when he was 13 years old following the success of his 2010 song “Baby.” Before selling his music rights, the “Sorry” singer, who recently welcomed son Jack with wife Hailey Bieber, was reportedly worth $100 million. Justin parted ways with his business manager Lou Taylor earlier this year and replaced her with Edward White, who also works with Johnny Depp. TMZ did not name the managers in question in its report.
This sounds messy, and it’s no wonder that his team is split on what to do. I wonder if he’ll hire a financial investigator to sort it all out for him. Someone who can figure out what Bieber spent vs. any lost money at the hands of his former managers. If his money was mismanaged, then I feel badly for the Biebs. It must suck to feel and be constantly be taken advantage of, no matter how much fame or money you have. Justin is not without his problems, but he does seem to have had the quintessential child-star journey, which is sad. Hopefully, they’ll be able to get to the bottom of this and he can get some better people around him moving forward.
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