The year 1997 was a good one for Black culture. The movie “B.A.P.S.” was in the theaters, and The Notorious B.I.G.’s “Hypnotize” was at the top of the charts. But it was a somewhat historic June night in Las Vegas, NV, that most people remember most.

Mike Tyson and Evander Holyfield were going head to head in a boxing match, and something unbelievable happened out of nowhere. Tyson bit off a piece of Holyfield’s ear. That bizarre moment changed boxing forever and was a pinnacle moment in Tyson’s public life.

Tyson is a New York native who rose to prominence in the mid-’80s for his boxing prowess. At one point, he boasted an undefeated record, dominating the industry and earning the heavyweight boxing title.

According to ESPN, the 56-year-old would finish his 58-fight career with 50 victories, winning 44 by knockout. In 2011, he was inducted into the International Boxing Hall of Fame.

And while Tyson’s talent in the boxing ring was commendable, his out-of-the-ring antics started to overshadow his achievements as an athlete.

Through the 1990s, he made several headlines that questioned his relationships and social activities. So, while the Holyfield incident was shocking, it marked the start of a long string of activities that became increasingly rambunctious.

After the infamous fight, ESPN also reported that the Nevada State Athletic Commission rescinded Tyson’s boxing license, blocking him from competing for a year.

His rollercoaster of life events ultimately impacted the fortune he earned throughout his career.

Today, the iconic boxer has an estimated net worth of $10 million. However, according to The New York Times, Tyson had earned at least $400 million before filing for bankruptcy.

Let’s look at what led to Mike Tyson losing his multimillion-dollar fortune and how he has worked to gain financial redemption.

 

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CNN Business interview, Tyson credits his wife, Lakiha Spicer, and other family and friends for his redemptive story.

Since filing for bankruptcy, Tyson has appeared in television shows and movies including “The Last O.G.” and “The Hangover.” He is also behind his own cannabis brand, which has an edible option that pays homage to the infamous ear situation.

Tyson even returned to the ring to fight former boxer Roy Jones, Jr. in 2020. The two earned $1 million each for the fight.