The only thing P Diddy has more of than his recent scandals is his collection of gold and diamond chains, along with diamond-encrusted watches. This rapper and entrepreneur love to spend on the most extravagant things that money can buy, from a Lamborghini Gallardo Spider to a luxury private yacht.
Sean ‘Diddy’ Combs Net Worth Now After Being Dropped From Forbes’ Billionaire List
Forbes’ 2024 list of the world’s celebrity billionaires saw the record-breaking inclusion of stars like Taylor Swift and the absence of music moguls like Sean “Diddy” Combs. The rapper was listed as a billionaire by Forbes in 2022 for his astronomical $1 billion net worth, making him the second richest hip-hop artist, with fellow rapper Jay-Z in first position. However, the updated list in 2024 did not include the embattled music executive.
This came weeks after Sean Diddy Combs was entangled in a web of sexual assault allegations and lawsuits. Diddy’s absence on Forbes’ billionaire list was indirectly connected to his legal woes. He was dropped off the list months after severing ties with some of his major business empires due to the legal scandals. This article will explore Diddy’s net worth, how he lost his billionaire status, and his various business endeavors over the years.
Inside Sean “Diddy” Combs’ Fortune And Net Worth
As of 2024, Sean Diddy Comb’s net worth was estimated at $800 million, lower than his $1 billion fortune in 2023. Diddy was first certified as a billionaire in 2022 by wealth pundit Zack O’Malley Greenburg. Active in the entertainment industry since 1990, Diddy displayed exceptional talent in hip-hop through music and his business acumen. He established his infamous record label, Bad Boys Records, in 1994, signing his late pal, The Notorious B.I.G. Diddy also served as a producer, working with A-list artists, including TLC, Mariah Carey, Usher, Jodeci, and Lil Kim, among others.
According to Parade, Bad Boy Records is valued at over $100 million and has recorded astounding success over the years. The label tally includes 23 platinum singles, 28 gold singles, 27 platinum, and 15 gold albums. Away from music, Sean “Diddy” Combs dabbled in several meaningful business ventures that further proved his excellence in finance. In 1998, the rapper launched a fashion company, Sean John, which reached $450 million at its peak. Towards the end of 2006, the fashion franchise declined after the major retailer, Macy’s, severed ties with the brand.
In 2007, the father-of-seven extended his ventures into the wine and alcohol industry by partnering with Diageo, the parent company of Ciroc Vodka. He reportedly made $60 million annually from the proceeds. When Revolt TV launched in 2013, Sean Diddy Combs was a major stakeholder, owning 50 percent of the business. According to Highnobiety, the “I Need A Girl” rapper’s investment in the HipHop network catapulted his net worth to $500 million at the time.
Since 1998, the “I’ll Be Missing You” crooner has heavily invested in real estate, buying and selling properties worth millions. His first major purchase was a $2.45 million home in East Hampton, where he held his iconic white parties for years. Diddy sold the mansion in 2020 for $4.7 million. In 2004, he bought a 3.5-acre estate in Alpine, New Jersey, and sold it for 5.5 million in 2016. The star made his most significant purchase yet in real estate in 2014 when he paid $39 million for a 17,000-square-foot villa in the exclusive area of Holmby Hills in Los Angeles.
Why Diddy Was Removed From Forbes’ Billionaire List in 2024
Sean Diddy Comb’s major stakes experienced a huge decline following a series of sexual assault claims and a federal sex trafficking investigation connected to him. The sensational legal drama led the Bad Boy Records boss to end his partnership with Diageo and Revolt TV. According to HipHop DX, these investments accounted for much of his wealth. This ultimately left Diddy’s net worth at $800 million, causing his absence from Forbes’ list in 2024.
On March 25, 2024, federal authorities with US Homeland Security conducted an intense search of Sean Diddy Combs’ homes in Los Angeles and Miami over sex trafficking allegations. Although the rapper was not formally charged, the development negatively impacted his already controversial reputation. Leading up to the home raids, Diddy was at the center of a series of lawsuits led by his former label signee and ex-girlfriend, Cassie Ventura.
In November 2023, Cassie Ventura accused Sean “Diddy” Combs of sexual assault, domestic violence, and sex work. The lawsuit was settled the following day for an undisclosed sum of money. The “Me And You” singer sued under the New York Survivors Act. It is safe to say that Ventura’s lawsuit created a butterfly effect, which made more women come forward with sexual assault allegations against Diddy.
The same month, Joie Dickerson-Neal slammed Diddy with a lawsuit where she alleged that the Hollywood executive drugged and sexually assaulted her in 1991. Dickerson-Neal revealed that she was a college student at the time. Rodney “Lil Rod” Jones, a producer who formerly worked for Diddy, revealed that he faced “unwanted advances” and was forced to engage in sexual activities with sex workers hired by the rapper. Lil Rod also claimed to have video and audio evidence showing Diddy and his associates engaging in “illegal activity.”
In response, Sean “Diddy” Combs vehemently denied all the accusations, which also implicated his son, Christian Combs. He stated that his willingness to pay Cassie was not an admission of the alleged crimes. He also stated that many accusers sought cash grabs, hence the various allegations.
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