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During Fall Out Boy's hiatus in 2009–12, Wentz formed the experimental, electropop and dubstep group Black Cards. Wentz has also ventured into other non-musical projects, including writing, acting, and fashion; in 2005 he founded a clothing company called Clandestine Industries.
He owns a record label, DCD2 Records, which has signed bands including Panic! He also hosts the TV show Best Ink and runs a film production company called Bartskull Films, as well as a bar called Angels & Kings.
He and Arma Angelus' bassist Joe Trohman founded the pop-punk band Fall Out Boy after Trohman introduced Pete to a musical acquaintance, Patrick Stump.
Andy Hurley agreed to drum part-time, but only joined the band full-time later.
In 2003, the band released their first full-length album, Take This to Your Grave through Fueled By Ramen.
Fall Out Boy signed with major label Island Records in 2003 and in 2004 released an acoustic EP and DVD entitled, My Heart Will Always Be the B-Side to My Tongue.
On November 20, 2009, the four band members announced they will be taking an indefinite hiatus, saying they were unsure of the future of the band.
Wentz has said that his personal reason for taking a break is that he feels that his name and marriage to pop singer Ashlee Simpson had become a hindrance for the band.
This album would later be digitally remastered and reissued after the band's third, successful full-album release From Under the Cork Tree, on the major label Island Records.
Fall Out Boy bandmate Patrick Stump says of Wentz's endeavors: "It scares me sometimes, watching him.
The two seconds you're not with that dude he's made 30 decisions that are going to affect our band for the rest of the year." In April 2007, Pete came out with his own signature Squier Precision Bass.
His philanthropic activities include collaborations with Invisible Children, Inc.
and UNICEF's Tap Project, a fundraising project that helps bring clean drinking water to people worldwide, He has a younger sister, Hillary, and a younger brother, Andrew.
Originally, the band had planned to release a full-length LP in the summer of 2011.