Is Diddy Actually a Billionaire?

It’s all about the Benjamins baby! Forbes released their 2024 Celebrity Billionaires list but no sign of music mogul and entrepreneur Sean “Diddy” Combs. Is Diddy in a cash crisis? Let’s take a look inside Diddy’s empire. 

He’s one of Hip Hop’s richest figures, but is his money slowly drying up due to recent legal troubles? Let’s first look at how Sean “Diddy” Combs became so wealthy.

We millennials know Diddy for founding Bad Boy Records in the 1990s.  The record label reportedly brought in around US$130 million annually.

By 2016, his Sean John clothing line reportedly had retail sales of around $450 million. He sold the company for US$70 million that year and bought it back for just US$7 million in 2021.

Add his ventures in media production, marketing, and real estate and you’re looking at a pretty powerful and prosperous tycoon. 

But, in true Diddy fashion, can’t stop, won’t stop. In 2007, he partnered with Ciroc Vodka, which is owned by Diageo. 

Diagio is a British company that produces and distributes alcoholic beverages such as Johnny Walker, Smirnoff and Guinness.  It has a net worth of over US$80 billion.

So with all these earnings, Forbes proclaimed Diddy a billionaire in 2022. However, over the past five months, the music mogul has been served a series of lawsuits which have obviously affected his brand and his pocket.

So what’s at stake?

For starters, his legal team alone will cost him millions to retain.  According to the New York Post, he’s looking at approximately US$1800 per hour! Not to mention his settlement with Cassie for an “undisclosed sum”. There have been rumours that it’s in the range of US$30-US$50 million.

He’s also given up the publishing rights for some of Bad Boys’ top artists.  In November, Macy’s “phased out” his clothing brand Sean John. And in December, Hulu cancelled his reality series. But wait, there’s more!

Diddy also sold off all his shares of cable TV network Revolt.  And at least 18 companies have been distancing themselves from him amidst the allegations.

But perhaps Diddy’s biggest financial hit to date has come from his dissolved partnership with Diageo and Ciroc. It’s reported that throughout the 15-year partnership, he had made nearly a billion dollars from this single venture. Guilty or not, Diddy is set to lose a significant portion of his fortune.

And that’s the bottom line.