Diddy is one of hip-hop’s richest and most powerful businessmen.
Forbes estimates Combs’ net worth at approximately $400 million as of June. The mogul’s wealth has fallen as the allegations against him have come out, as Forbes previously pegged Combs’ net worth at an estimated $740 million in 2019 and further anticipated to reaching $1 billion in 2022.
In the indictment, federal prosecutors noted that Combs was able to pull off his acts in large part due to the power, money, and influence he had accumulated. Combs faces 15 years to life behind bars if convicted of all charges, allegedly making his flight a threat due to his $1 billion net worth
“Combs relied on the employees, resources, and influence of the multi-faceted business empire that he led and controlled — creating a criminal enterprise whose members and associates engaged in, and attempted to engage in, among other crimes, sex trafficking, forced labor, kidnapping, arson, bribery, and obstruction of justice,” the 14-page indictment says. “Combs, and other members and associates of the Combs Enterprise, wielded the power and prestige of Combs’ role at the Combs Business to intimidate, threaten, and lure female victims into Combs’ orbit.”
Diddy operates in a world of extreme wealth. In the three decades since he started Bad Boy Records, the 54-year-old has amassed more money than nearly any other hip-hop artist. He pioneered a business playbook that has been followed by many other successful musicians and became an industry gatekeeper — giving him power that several of the people suing him accuse him of using to cover up his abuse.
Music
In 1993, Combs, then known as Puff Daddy and Puffy, founded Bad Boy Records after a stint at Uptown Records. The label soon became the place for East Coast hip-hop acts emerging on the scene. He signed Craig Mack, 112, Faith Evans, Mase, and The Notorious B.I.G. Combs’ own 1997 album “No Way Out” reached platinum status seven times over.
In its heyday, the label brought in $130 million annually — enough that Combs could negotiate a $55 million personal advance in 1998 from Bad Boy’s partner, Arista Records, Forbes reported in 1999. Until he returned the publishing rights to some of Bad Boy’s artists last year, Combs was personally earning millions from the Bad Boy catalog each year.
Fashion
He started with Sean John, a line of clothing, furniture, and fragrances sold at stores like Macy’s and Dillard’s. It became a consistent source of revenue for the mogul. While the brand’s cache eventually dwindled — he purchased it back for only about $7.6 million in 2021 — Sean John enjoyed more than a decade of success. In 2016, when a majority share was sold to Global Brands Group, it was reported that the brand had retail sales of $450 million and that he pocketed $70 million.
Alcohol
Combs’ most lucrative endeavor came in 2007 when he became a brand ambassador for Ciroc vodka. He struck up a unique deal with Diageo and got paid per case. Within the first two years of the partnership, annual sales grew from 75,000 to 400,000 cases, according to a lawsuit Combs filed against Diageo last year. In 2014, it sold 2.6 million. The liquor giant doubled down on Combs, announcing in 2014 that they’d bought DeLeon tequila in a 50-50 partnership.
Other ventures
Other upstarts include launching the Revolt TV cable network in 2013 — Combs has since stepped down as its chairman and sold his shares — and teaming with Mark Wahlberg to purchase a majority stake in water company Aquahydrate.
In 2022, Combs was labelled a billionaire for the first time
In 1999 interview, Combs told Forbes that he “wanted to be very, very rich.” That’s exactly what happened. By 2022, Combs’ net worth had reached $1 billion, according to Zack O’Malley Greenburg, the author of the Jay-Z biography “Empire State of Mind,” who tracks hip-hop’s wealthiest musicians.
(Source: Business Insider)
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