Years After Going Bankrupt, Mike Tyson Opens Up About Mistakes He Made That Cost Him His $400 Million Fortune

Published 05/24/2023, 5:20 PM EDT

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Despite once being one of the highest-earning athletes in the world, Mike Tyson’s lavish lifestyle and financial missteps led to his bankruptcy in 2003. As Tyson enjoyed his fortune, he also accumulated considerable debt. Ultimately, his asset was dwarfed by his debt, leading him to file for bankruptcy.

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In a recent episode, Tyson delves into his past with American rapper Tony Yayo, offering a glimpse into the struggles that came with such immense wealth. He speaks on a subject rarely approached – the pressures and pitfalls of earning astronomical sums at a young age. An unlikely anecdote involving a newly freed prisoner with a windfall of cash sets the stage for a truly unique conversation.

Unpacking the conversation: Tyson and Yayo discuss the former’s enormous wealth at a young age

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In the podcast, Tyson and Yayo delve into a deep and revealing conversation about the challenges of young wealth. Their exchange is marked by a sense of raw honesty and introspection.

Yayo begins, “But how did it feel to be so young with so much money? Because at that time you got to think about it. In the 80s you was a billionaire.” Tyson’s response is deceptively simple, “I was happy.”

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Yayo continues to probe, “That money is equivalent to billions now, that money back then. So you were so young and you had… That’s a lot of pressure bro.” To which Tyson admits, “I didn’t know what to do.”

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The conversation takes an intriguing turn as Tyson shares an anecdote about a friend fresh out of prison, who won a settlement for his unjust arrest. “He got a couple of millions and all of a sudden he said ‘Mike Mike you want a Rolex Mike?’ I was like ‘no no no chill no’. He wanted to give things away… I said ‘no no chill chill hold your money let’s invest in some real estate or something. You know he didn’t, he didn’t understand the concept of saving for another day. I didn’t have that concept either.”

Yayo empathizes with Tyson’s younger self, saying, “I mean, you know when you’re young you know how it was you get money you want a Rolex chain… It gets crazy.” Tyson concludes, “It was uh yeah it’s crazy, it’s crazy.”

A glimpse into Tyson’s childhood: A tale of a juvenile mischief

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Venturing into the past, Tyson narrates a thrilling tale from his childhood. He recalls an audacious incident at just 11 years old when he and an older friend snatched a box from a man outside a jewelry store on Picking Avenue. As Tyson paints the scene of their hasty retreat into an abandoned building following the gunshot, listeners are transported into the heart of the nerve-wracking chase.

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Inside the building, they could see the cops passing by but dared not move. Tyson’s tale reveals a lesser-known aspect of his past, shedding light on the risky escapades of his early life.

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Written by:

Mrinal Mishra

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Mrinal Mishra is a Boxing writer at EssentiallySports, who is dedicated to covering live events with a special emphasis on influencer boxing events. With a focus on storytelling, Mishra strives to bring to light the stories of fighters that often go untold. As a big fan of Mike Tyson, Mishra believes that boxing will remain relevant for eternity, and he is committed to covering the sport with the respect and admiration it deserves.
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Edited by:

Arijit Saha

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