Remember Fetty Wap? He Lost Everything
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How did Fetty Wap go from homelessness to a $100,000‑a‑day music career?
Remember Fetty Wap? Did he really make tens of millions of dollars and then lose it all? How'd he do that? So the story, of course, starts with Fetty, and Fetty is about 22 during this time, living in Patterson, New Jersey, and it's 2013, so at this point, Fetty is trying to be a rapper. But the dude is broke, and he's kind of homeless, and he's like couch surfing at friends' houses, and he had glaucoma as a baby, so he's only got one eye, so he's got that working against him as well. But then, one day, everything changes for him, because he meets the owner of a small record label. And this owner really believes in him, and he gives him a bit of money so that he's not homeless anymore, and so that Fetty can focus on making music full-time.
And now that his life is funded, Fetty starts making music full-time, like making mixtapes and whatnot. And by 2014, he puts out a song called Trap Queen and it starts getting traction on the internet and soon the song blows the hell up. And by 2015, Trap Queen and Fetty are suddenly incredibly popular. Like this song is everywhere and Fetty is performing all around the world. And Trap Queen goes 12 times platinum, which I guess is going diamond. It also gets over a billion streams on Spotify. And now he's collaborating with big artists like Young Thug and Gucci Mane and Drake. And Kanye West brings him out on stage at a concert.
What extravagant spending habits contributed to Fetty Wap’s financial downfall?
And Taylor Swift does as well. And soon, he has other hits too. So needless to say, he's making a ton of money now. According to him, he's making a minimum of around $100,000 a day during this time. And of course, he is spending the shit out of this money. Like when he travels, instead of renting hotel rooms, he keeps apartments in different areas of the country. Like he has four apartments in New Jersey, two in Miami, a couple in Los Angeles. He also has a collection of 30 luxury cars personally for himself. You know, like Ferraris and Lamborghinis and BMWs and stuff. But despite all this good fortune he's run into, Fetty actually has a problem. He really likes helping people out. even if it doesn't benefit him.
Like if you're anywhere in Fetty's orbit, he is helping you out, usually by spending money on you. Like he buys a five bedroom house for his parents. He pays the rent for his siblings' apartments.
Why did Fetty Wap’s music revenue dry up and how did that expose him to fraud?
He pays the leases on their cars. He pays for people's tuition. He even buys whole ass businesses for some of them so that they can be employed. And he doesn't just stop there with helping family. He spends money on all his friends as well. One time he spends $1,500 on pairs of Balmain jeans for about 30 of his friends. He also buys them expensive jewelry, including gold chains worth $2.5 million. And at one point he starts buying expensive cars for his friends. And eventually he ends up buying cars for pretty much anyone who asks. And if that isn't generous enough, he gives money to his fans too. Like one time he walks into a mall and he throws $2,000 in cash up in the air for his fans to catch. And all this fame and excessive spending goes on for about two or maybe three years.
And so it's now 2018. And this is where things start going really bad for Fetty. Because at this point in his career, the hype has kind of died down and his songs aren't really blowing up like they once were.
How did mismanaged finances and frozen bank accounts leave Fetty Wap broke?
And so he tries to put out new music, but he's having issues with his label and some contract issues, and his new music keeps getting delayed. So now money isn't coming in the way it once was. And not only that, while he's been busy spending all this money helping people out, the people he trusted to manage his funds were actively taking advantage of him. According to him, his longtime booking and tour manager was stealing from him. Plus, he owes a ton of money for other stuff, like multiple ongoing luxury housing leases that he can no longer afford, a few lawsuits, and of course, taxes. And to make it worse, one day that same year, he goes to the bank to withdraw some cash, and he discovers that his bank accounts have been frozen due to some legal judgments he has against him.
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Chapters
7 chapters
1
How did Fetty Wap go from homelessness to a $100,000‑a‑day music career?
0:00–1:28
2
What extravagant spending habits contributed to Fetty Wap’s financial downfall?
1:28–2:31
3
Why did Fetty Wap’s music revenue dry up and how did that expose him to fraud?
2:31–3:40
4
How did mismanaged finances and frozen bank accounts leave Fetty Wap broke?
3:40–5:17
5
What role did the Long Island drug ring play in Fetty Wap’s attempt to regain wealth?
5:17–6:14
6
How did the federal bust of the drug operation lead to Fetty Wap’s 2021 arrest?
6:14–7:32
7
What events after his release violated bail conditions and resulted in a six‑year sentence?
7:32–8:43
Speakers
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