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Forbes Topline

Before The Legal Trouble How Diddy’s Empire Lost Millions Amid Mounting Legal Troubles

Forbes Topline

Forbes

Entrepreneurship, Business News, News, Business

4.86 Ratings

🗓️ 4 July 2024

⏱️ 23 minutes

🧾️ Download transcript

Summary

Over the past two decades, Diddy expanded his businesses across several lifestyle categories—including the Sean John fashion and fragrance lines, a wildly successful Cîroc vodka partnership with British spirits conglomerate Diageo and founding the Revolt TV network—and over that period (before taxes and fees), he earned nearly a billion dollars. In 2019, Forbes estimated Combs’ personal wealth at $740 million. Both Combs and his team later claimed that he was a billionaire, despite offering no documentation to back up the claim. Forbes now conservatively estimates he is worth $400 million. Given the severity of those civil cases and a looming federal investigation reportedly into human trafficking, Combs now faces an existential threat to his freedom and his fortune. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi everybody I'm I'm Brittany Lewis a breaking news reporter here at Forbes

0:06.3

joining me now is my Forbes colleague Lissette Voico Best.

0:09.5

Lissette thank you for coming on in. Thank you for having me.

0:13.0

You wrote a recent piece for Forbes

0:15.0

taking an inside look inside the rubble of Sean Diddy Combs'

0:18.7

his empire.

0:19.8

So to start off the conversation, can you talk about the beginning when things were looking good

0:24.1

for him when he was on that path to becoming a billionaire that never came to fruition?

0:29.4

Sean Diddy Combs, aka Puff Daddy.

0:31.8

He's one of the most totemic and biggest figures in rap in

0:35.0

R&B history. When he founded Bad Boy Records in 1992 after just being an intern at

0:41.5

Uptown Records, he created some of the most

0:44.3

legendary moments of hip-hop history and everything from stoking the East Coast, West

0:49.9

Coast, rap rivalry which you know was a big thing between a Tupac and the notorious BIG.

0:57.2

He also produced Biggie's Posthumous Number 3 Billboard hitting album called Ready to Die and you know he signed some really big

1:06.6

stars earlier in the days it was Mace it was Biggie's widow Faith Evans and later was folks like Machine Congalee and Janelle Monet.

1:16.9

So he's had a long history of just creating these stars, there are just music.

1:28.1

There were other categories as well which he was hugely successful in.

1:31.1

So let's talk about those because he did branch out from hip-hop into

1:34.6

multiple lifestyle ventures. Can you talk about those a little bit? The oldest

1:38.4

lifestyle categories that did he expanded into was spirits.

1:45.0

More specifically vodka, the brand was Serock vodka,

...

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