While we often see the glitz and glamour of the lives of the rich and famous, it’s important to remember that even the biggest celebrities can struggle with money issues.
While there are inspiring stories of celebrities who worked out of financial hardships, unfortunately, the opposite can also be true. Some celebrities have experienced disastrous spending sprees and bad decisions that left them dry, from musicians to athletes to movie stars.
Here are some famous faces who lost loads of their money in 2022.
Todd Chrisley, the star of “Chrisley Knows Best,” may have missed the mark regarding financial management. In 2012, the business executive filed for bankruptcy, citing a debt of $49.4 million.
Despite the financial troubles, two years later, his family landed a reality show about their lavish lifestyle.
However, in 2019, Chrisley and his wife Julie were indicted on tax evasion, bank fraud, and wire fraud charges. They were convicted and sentenced to 12 and 7 years in prison in November 2022. As a result, “Chrisley Knows Best” was canceled.
Related: Life of Todd Chrisley
Kanye West was once riding high as one of the few billionaire rap moguls alongside Jay-Z and Beyoncé. However, things turned for the worse in 2022 after he spent most of the year stalking his ex, Kim Kardashian, and intimidating her then-boyfriend, Pete Davidson.
To make matters worse, West made anti-Semitic comments in interviews, including praising Adolf Hitler and Nazi Germany. The public backlash was swift and severe.
As a result, West lost his deals with GAP and Adidas, losing his billionaire status. He also failed to secure a partnership with Sketchers, and many fans began to distance themselves from him.
If that wasn’t enough, West also lost his custody battle with Kim and was ordered to pay her $200,000 monthly in child support. It’s safe to say that it was a rough year for the rapper.
The year 2022 was a tough one for the cryptocurrency market. After a prolonged period of growth, the market crashed during the summer. Before the crash, many celebrities were singing the praises of crypto as the future of investing. Additionally, numerous stars were jumping on the NFT bandwagon, including Paris Hilton and Snoop Dogg. Even basketball legend Michael Jordan got in on the action with his “Six Rings” NFT collection.
However, the value of Jordan’s NFTs took a major hit when the trading site FTX collapsed. By the end of the year, the value of his NFTs had plummeted by a whopping 90%. Ouch indeed.
Another name on the list of celebrities whose bank experienced the downfall of the crypto market and FTX affected many investors, including some of the biggest names in entertainment. Model and pop star Justin Bieber was one of the many celebrities who jumped on the NFT bandwagon, but unfortunately, he didn’t sell off his assets in time.
At one point, Bieber’s collection included an NFT from the infamous Bored Ape Yacht Club, reportedly worth $1.3 million. However, after the collapse of FTX, the same NFT is now valued at a mere $70,000. Even the most valuable NFT in that collection was only worth $75,000 as of November 2022.
NFL champion Tom Brady was one of the many sports stars who invested in the crypto market, and he went a step further by becoming an ambassador for FTX. His then-wife Gisele Bundchen also served as FTX’s “Environmental and Social Initiatives advisor.” Together, they had a stake of $650 million in the company.
However, with the collapse of FTX, investment has gone down the drain. Unfortunately, things will likely worsen for Brady as he is now going through divorce proceedings with Bundchen, which could result in even more financial losses. The couple announced their split in October 2022.
Another celebrity victim of the crypto market was Stephen Curry. Like many other sports stars, NBA champion Stephen Curry invested heavily in FTX in 2021. Although the exact amount of his investment is unknown, crypto news site beincrypto.com predicts that his losses will be significant.
Unfortunately, Curry’s involvement with FTX may also ripple effect on his charity, Eat.Learn.Play. The organization was set to receive funding from FTX profits as part of Curry’s partnership with the company, but with the collapse of FTX, it’s uncertain what the future holds for the charity.
In 2022, actress Amber Heard was in a legal battle with her ex-husband Johnny Depp. Depp sued Heard for defamation after she wrote an op-ed with the ACLU for the Washington Post, accusing Depp of sexual assault. She also accused him of domestic violence when the article was published.
The jury ultimately sided with Depp, ordering Heard to pay him $10 million in damages. However, the jury also found Heard’s favor on one count of her countersuit and ordered Depp to pay her $2 million.
Unfortunately, Heard could not pay the full amount owed to Depp, which led to her declaring bankruptcy in July 2022. Despite her appeals, the court upheld the ruling, and Heard had no choice but to pay the full amount owed – approximately $8 million.
In 2022, tech mogul and Tesla CEO Elon Musk suffered a massive financial loss of approximately $200 billion. Ironically, this made him the biggest financial loser of the year and the biggest loser in history, as no one has ever lost that much.
Musk’s troubles began after he spent $44 billion to acquire Twitter. However, his management of the platform was so poor that it drove millions of users away, including some of its most popular pages. He also made several bad business decisions, such as charging for verified accounts, leading to false information and imposter accounts. He even fired the janitorial staff at Twitter and tried locking out employees who refused to comply with his unreasonable demands.
As a result of the backlash, many investors began to lose trust in Musk’s other brands, including Tesla. In addition, a lawsuit was filed by former Tesla investors who accused Musk of nefarious practices and misrepresentation of stock prices, which could result in a multi-billion dollar payout if he is found guilty.
Furthermore, Musk lost his status as the world’s richest man, with Bernard Arnault, a fashion mogul, taking the top spot. Arnault is reported to be worth $164 billion by Investopedia. Despite the staggering loss, this is not a jab at Elon, it’s just a fact that cannot be ignored.