Jason Newsted net worth: Jason Newsted is a Michigan born rock musician who has a net worth of $40 million dollars. A musician and songwriter, Jason Newsted is most widely recognized as the former bassist for Metallica. He joined the group in 1986 after the death of their previous bassist. After leaving the group in 2001, he performed with bands such as Echobrain and Voivod. He is the founder and owner of Chophouse Records, a label and recording studio. On a recent radio interview, Newsted admitted that his net worth was "at least" $40 million, probably more. Without getting into specifics, Newsted explained that during his Metallica years, he invested very wisely in various projects that all turned out to be successful. Today he is working on his new heavy metal band which is simply called "Newsted".