Elton John forced to lay off band mates and staff after taking huge financial hit

music news 02/06/2020

Sir Elton John has reportedly taken a huge financial hit of around $120,000,000 after his health, and then Coronavirus forced him to cancel shows on his Farewell Tour.

The Mail on Sunday in the UK has revealed that Elton and his partner David Furnish have been left ‘bereft’ as the money made from the tour would have seen him retire.

It is believed that Elton will not get any insurance payout for the losses.

The cancelling of the tour has meant that Elton has had to make his long-serving bandmates redundant - laid off until it becomes clear when the tour can be rescheduled to kick off again.

A number of Elton's domestic staff have also had to be laid off.

While Elton has a reported net worth somewhere above $500,000,000 - Elton is still assessing how to make further savings and where.

Elton owns entertainment companies and has charities he support which employ a lot of staff. He also had multiple properties around the globe, a super yacht and more.