Everyone makes mistakes, but what does one do when those mistakes cost you hundreds of thousands of dollars? What do you do if it costs millions? Mistakes are one thing, but throwing away millions to buy failing tech companies or buying entire towns (yes, like in Schitt’s Creek) nearly ruined some of the world’s biggest stars.
Some were conned by fraudulent financial planners, like the infamous Bernie Madoff, while others just overestimated their influence on the market (see the section on Planet Hollywood). Many stars have made terrible investments, some have bounced back while others were far less lucky.
9/9 Justin Timberlake Bought MySpace
MySpace was well on its way toward obscurity by 2011. This was not enough to deter the former N*Sync star from purchasing the drowning website. Myspace’s creator, the notorious Tom, originally sold the site for $508 million to Rupert Murdoch’s company Newscorp in 2005. Timberlake and the company Specific Media got it for just $35 million. Such a low price tag for what used to be a site with hundreds of millions of users should have been a huge red flag, Justin. Myspace is still around by the way, but now it only focuses on music streaming.
8/9 Ashton Kutcher And Diddy’s Video Chat App
The star of That 70’s Show has begun to make quite a name for…