Justin Bieber may be one of the world's most prominent musicians, with a net worth of millions of dollars, but a recent report claimed that the singer is rapidly losing money because of his spending habits.
According to a source who spoke with InTouch Weekly, Justin and his wife, Hailey Bieber, always travel to their destination in a private aircraft. However, Justin's financial problems were so bad that they were reportedly forced to fly commercial last month.
"While they always fly private, Justin simply couldn't afford it this time," the insider revealed, adding, "He spends more money than he's got coming in, and is now having to cut back on certain luxuries."
Bieber has yet to release a new album in over three years, and his last tour was in 2022. This means money hasn't been coming into his bank accounts, and it's causing a problem within his wealth management team because he was advised not to buy his wife a diamond ring worth $700,000 in one incident.
The musician reportedly applied for a loan to purchase the ring but was denied, so he bought it directly.
"If Justin doesn't make some changes soon, he could lose everything. He is going to go broke," the source added.
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As of this writing, Justin Bieber has yet to confirm whether the circulating rumors about his financial status are true.
The recent news comes after the musician sold his entire music catalog, which included his six studio albums: My World 2.0, Under the Mistletoe, Believe, Purpose, Changes, and Justice.
Bustle reported that although the amount he earned from this sale was not publicly disclosed, he was estimated to receive a whopping $200 million.
In other updates about the pop singer and his wife, Hailey Bieber, the two are expecting their first little bundle of joy as they announced that the beauty mogul is pregnant.
"Everyone is excited for them... They will be great parents, and Justin will be super involved. This will be the next important project for him. He's so excited to raise his baby. They have a name that they think is perfect," an insider told People magazine.
The couple has yet to reveal the gender of their baby and has yet to share the Rhode Beauty founder's due date.
READ MORE: Justin Bieber Father's Day: Mom Says Singer 'Always Wanted To Be A Dad' Ever Since
