Canadian singer Justin Bieber has recently sparked concerns about his health due to his significantly thinner appearance. He was also reported to be nearing bankruptcy, having sold his music rights, and possibly having a falling out with his manager Scooter Braun over financial issues.
According to the latest documentary "TMZ Investigates: What Really Happened to Justin Bieber" released by the American media outlet TMZ, insiders revealed that Justin Bieber faced financial ruin in 2022 after canceling his Justice tour. This was primarily because he had received a 40 million dollar (approximately 171 million Malaysian Ringgit) advance payment from the organizer AEG, but having called off the performance, he owed AEG up to 24 million dollars (approximately 100 million Malaysian Ringgit) in debt.
In response, Scooter Braun's company, Hybe, agreed to repay the debt. Justin Bieber also signed documents promising to repay Hybe in installments over 10 years. However, he stopped making payments after just one installment.
Representatives from Scooter's side pointed out that Justin Bieber's team later stated that Bieber genuinely could not afford to pay, while Bieber himself claimed that after his financial manager reviewed the accounts, it was discovered that Scooter had taken an extra 26 million dollars (approximately 111 million Malaysian Ringgit) in commission.
Hybe then conducted an internal audit, which showed that Scooter had actually undercharged on commission, and that Justin Bieber owed him 1 million dollars (approximately 4.28 million Malaysian Ringgit). Nonetheless, Scooter decided to forgo pursuing the debt. However, Justin Bieber's side believed that the internal audit was flawed and that Hybe only reached this conclusion to protect itself.
Faced with such enormous financial pressure, it was rumored that Justin Bieber decided to sell his music rights as early as December 2022. Reportedly, Scooter Braun advised him not to sell the rights too early and instead wait until January 2023 to take advantage of tax benefits. However, Justin Bieber insisted on selling the rights in December 2022, due to his imminent bankruptcy, to raise 200 million dollars (approximately 856 million Malaysian Ringgit) and salvage his financial status.
Source: ETtoday