Justin Bieber could 'go broke' soon as singer spends lavishly but has no new money coming in, says source
LOS ANGELES, CALIFORNIA: Pop sensation Justin Bieber, who recently ended his business partnership with his financial management team, including manager Lou Taylor, is now making headlines for running out of cash.
This follows his decision to hire renowned financial advisor Edward White, who founded Edward White & Co in 1976.
Notably, Justin gifted his wife Hailey with a diamond wedding ring that is reportedly worth $1.4 million.
Source says Justin Bieber ‘spends more money than he’s got’
In 2023, Justin sold the rights to his music catalog for over $200 million, but it is reported that the star is already running out of cash.
He and his wife were even forced to take a commercial flight in May due to his dwindling bank account.
According to InTouch, “While they always fly private, Justin simply couldn’t afford it this time. He spends more money than he’s got coming in, and is now having to cut back on certain luxuries.”
The 'What Do You Mean?' singer, 30, last toured in 2022 and hasn't released an album since 2021.
According to the source, Justin’s lack of new income is causing tension with his wealth management team. “They recently advised him against buying Hailey a $700K diamond ring, so he applied for a loan. But the loan was denied and he purchased it anyway,” the source revealed. “If Justin doesn’t make some changes soon, he could lose everything. He is going to go broke.”
Internet urges Justin Bieber to ‘book more concerts’
Justin Bieber's financial woes have worries his fans, with several Facebook comments showing consternation.
One user said, “He is too young to have sold his catalog... thats something you do at 70. He has bad advisors apparently.”
Another suggested, “He needs to book some more concerts. Put some new music out there.”
A third user shared, “The money is not long forever and if you spend,spend,spend…🤷🏻♀️”
Someone else expressed concern writing, “I hope he finds peace. ❤️”
Cost of Hailey Bieber's wedding ring revealed
The value of Hailey's wedding ring was disclosed by Gemologist Tenishia McSweeney from Prestige Pawnbrokers on Channel 4's 'Posh Pawn'.
She estimated it at approximately $1.4 million. McSweeney explained, "Assuming Justin went for the finest color and clarity grades, which isn't a stretch considering her previous engagement ring, which is in itself magnificent and now worn on her pinky, now seems more yellow in comparison, and with the size looking to be around 10 carat, you'd be looking at at least $1.4 million."
Reports from DailyMail indicate that Hailey, 27, has been seen wearing a significantly larger ring on her wedding finger.
Additionally, it has been reported that she moved her original $600,000 engagement ring to her other hand’s little finger.
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