Justin Bieber's team set the record straight on rumors he's millions of dollars in debt and is not "following the right path." Sources who used to be close to the "Intentions" hitmaker recently told People he's "making poor decisions" and that they're worried about him.

In a statement to ET, Justin Bieber's team is slamming an exposé by 'The Hollywood Reporter' that claims he's on the brink of financial collapse and 'lost' as he charts a new career path without his long-time management team.

Justin Bieber's former circle is "worried" about him amid report that the singer feeling "lost." "He is facing a lot of different demons right now," the source tells PEOPLE exclusively.