Boxing legend Mike Tyson was an enigma not only in the ring but also off it. The former heavyweight champion earned over $400 million in his career but lost it all shortly after retiring from the sport. He was forced to declare bankruptcy in 2004 leaving the multi-millionaire broke.

There could be many reasons attributed to his financial downfall. However, the main reason according to him was not owning the rights to his public image. In addition, Tyson revealed how his wife was the one who helped him not fall into the trap of exploitative contracts.

Mike Tyson details how his business grew during the pandemic

In a recent episode of Hotboxin’ along with Dj Woo Kid and rapper Tyga, Tyson was asked when he realized he was being exploited in his contracts. Iron Mike then revealed that he was in his forties when he realized this and that his wife was the one who taught him legal conjecture. “My wife she taught me. I own everything that I own now,” he said.

This was not all as he then revealed how his new cannabis business is booming and that the pandemic helped him to grow his business tremendously. “The biggest cannabis company in the world everything is mine killing everybody. The pandemic helped me greatly,” he added.

Iron Mike might have lost all his fortune but seems to be on the right track to gaining it back. Moreover, his wife is now beside him and will guide him the best she can with no ulterior motives, unlike his previous financial managers.

How did Tyson lose his fortune?

Back when Iron Mike was a boxer, there were no social media to promote one’s image fully. Despite that, he was the biggest star in the world. However, he wasn’t very well versed in how his boxing contracts worked and let his manager Don King handle it. Tyson would then accuse Don King of stealing from him and also filing a lawsuit against his former promoter.

This combined with Tyson’s extravagant lifestyle saw the former champion lose his entire $400 million net worth by 2003. Following this, he was forced to file for bankruptcy but would transition into movie roles making a newfound career over there.

What do you think about Tyson’s expansion plan? Let us know in the comments.

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