Turns out this is the very reason Justin Bieber burned through 7.7 trillion VND and wound up drowning in debt, teetering on the brink of bankruptcy

In recent days, the news that Justin Bieber is facing a serious financial crisis has caused a stir in public opinion. He once held 300 million USD (more than 7,700 billion VND), but this fortune of the Baby singer is said to have been completely dissipated. From a million-dollar star, Justin Bieber was revealed by the American media to be on the brink of financial collapse and bankruptcy.

According to Page Six, the reason Justin Bieber is in crisis and having financial difficulties comes after he canceled his Justice tour in 2022 due to health problems. If the male singer completed the tour, he would have earned 90 million USD (2,300 billion VND). However, Justin Bieber was unable to do this. The decision to cancel the tour has led to a lot of debt for him.

The cancellation of the 2022 Justice tour is the reason why Justin Bieber went bankrupt

“Justin Bieber spent a huge amount of money to prepare for the tour and spend lavishly to enjoy life. He only traveled on private flights and spent money to buy many luxury villas. Uncontrolled spending and being fined tens of millions of dollars after canceling the tour caused Justin Bieber’s finances to collapse ,” a close employee said in the investigative documentary “What happened to Justin Bieber?” by TMZ.

It is known that Justin Bieber had to sell all of his music copyright catalog for 200 million USD (more than 5,100 billion VND) in December 2022 to save the dire economic situation.

Justin Bieber has sold all his music rights after falling into debt.

On May 15, TMZ reported that Justin Bieber owes his longtime manager Scooter Braun $8.8 million. The incident began when Justin Bieber canceled his Justice tour in 2022. At that time, the singer received an advance payment of up to $40 million. His contract penalty alone was up to $24 million. Scooter Braun’s HYBE company paid the fine in advance, and Justin Bieber promised to pay it back after 10 years. But the singer only paid for one period and then stopped.

Justin Bieber’s side denied this. Business manager Lou Taylor confirmed that Scooter Braun charged too high a commission fee, up to 26 million USD (674 billion VND). HYBE Company conducted an internal audit and found that Justin Bieber actually owed Scooter Braun more than 1 million USD (25.9 billion VND).

As tensions escalated, HYBE commissioned an outside auditing firm to get involved. The firm concluded that Justin Bieber actually owed around $8.8 million (VND228 billion). Justin Bieber’s side was unable to make any significant rebuttal to this result, nor did they plan to reveal the audit plan.