“Handling money is an art… You have to go somewhere and learn the art of handling money… No one’s born knowing how to handle money,” Mike Tyson said in a recent LF* Go press conference, announcing his partnership with the energy supplement brand. 

Those words from the former heavyweight champion reflect his journey and the challenges he’s faced throughout his tumultuous life filled with ups and downs. Having stared down the bankruptcy barrel in 2003, ‘Iron’ Mike made a financial comeback, which can have a movie made about it on its own. The biggest and most successful venture is his partnership with Carma HoldCo Inc. on the
Tyson 2.0 brand, which today is worth a whopping $160 million. However, the question is, how did he get there?

How did Mike Tyson go bankrupt?

Before diving into how Mike Tyson transformed into a business tycoon, it’s essential to understand how he lost his fortune in the first place. Although Tyson filed for bankruptcy in 2003, his financial troubles had started long before—some argue they began when he was sent to prison. Despite continuing to fight on and off until 2005, Tyson filed a lawsuit in 1998 against his promoter, Don King, for $100 million, claiming King had cheated him out of millions over more than a decade.

Tyson ultimately won $14 million from King, but even that went straight to debt collectors. So, how did someone with such a successful career end up losing it all? The answer is simple: Tyson’s spending habits were out of control, and he had little grasp on financial planning. Known for his extravagant lifestyle during the 1980s and 1990s, Tyson was notorious for handing out six-figure gifts to strangers and making outrageous purchases.

He maintained a massive, overpaid staff and even owned a collection of Bengal tigers, which reportedly cost him over $70,000 each—without factoring in the expenses for their care. In the ’90s alone, he is said to have spent more than $4.5 million on vehicles, plus another $300,000 on garden maintenance. Then, there was his $4 million Las Vegas mansion, complete with a nightclub and casino, and a $2 million gold-plated bathtub. Considering all this, it’s no wonder Tyson eventually faced bankruptcy.

Mike Tyson’s partnerships, businesses, and other sources of income

Luckily for Mike Tyson, despite his bankruptcy, slowly but surely his financial comeback became evident. Tyson appeared on the big screen on a handful of occasions, the most popular cameo being in the ‘Hangover’ movies, where he played himself and even got his tiger stolen by the main characters in one of them. He was also on the popular sitcom ‘How I Met Your Mother,’ and others, which brought him back to limelight and helped him earn a pretty penny.

According to Celebrity Networth, Tyson charges $37,500 per hour for personal appearances at events, often in Las Vegas. He also had his exhibition bout against Roy Jones Jr. in 2020, which reportedly earned him $10 million. However, the biggest payday for the former world champion is yet to come when he takes on social media star Jake Paul on November 15th at the AT&T Stadium in Arlington, Texas. 

Besides that, he also had the ‘Hotboxin with Mike Tyson’ podcast, where he would invite the biggest names including Eminem, Tyson Fury, Antonio Brown, Stephen A. Smith, and Katt Williams. However, at the center of his massive financial comeback is his Tyson 2.0 ca***bis brand, which has grown into a massive $160 million worth company. Not to mention, he recently partnered with LF* Go. 

Tyson’s other business ventures include a recent partnership with Mr. Charlie’s, a clothing brand BYLT Basics, Futurola, and more.

What is Mike Tyson’s net worth in 2024?

After entertaining fans with his blood-pumping fights, movies, podcast series, and whatnot, as of 2024, Tyson’s net worth sits comfortably at ten big ones ($10 million). However, you may or may not be surprised to learn that he had earned $443 million through his boxing career alone—talk about a spending spree, huh? 

Not to mention, some of his legendary fights are to this day counted as the biggest money makers, including the Lennox Lewis bout in 2002, where he reportedly took home $103 million. Tyson also cashed a hefty paycheck from his two fights against Evander Holyfield, $60 million combined. Only if Tyson was better at finances—he could have given Floyd Mayweather a run for his ‘Money’—if you catch the drift. 

Having said that, despite what happened to him in the past, Mike Tyson turned his luck around to be still considered one of the most financially successful boxers ever. Also, given the waves he is making online, it shouldn’t be a surprise if his net worth grows tenfold in the coming days. What did you make of Tyson’s journey?