Sean “Diddy” Combs’s net worth finally reached a billion in October 2022. Replacing Kanye West on the Forbes list, the American rapper, actor, producer, and record executive first worked as a talent director at Uptown Records before founding his own record company, Bad Boy Records, in 1993. At Bad Boy Records, he would sign iconic artists such as Notorious B.I.G, Mase, and more. In addition, he’s released a wide portfolio of multi-platinum albums.
Despite growing up in a violent environment that directly impacted his family, he rose above the circumstances. He developed a keen entrepreneurial spirit at 12 years old when he began working as a vendor for a local newspaper company. Throughout the years, Diddy’s expanded his portfolio to include a number of ventures and investments, including Revolt TV, Ciroc, and more. Below, we broke down exactly how Diddy accumulated a billion-dollar net worth by 2023.
Diddy Got His Start at Uptown Records
After graduating from high school, Diddy initially enrolled in business school at Howard University. However, he dropped out after two years after talking his way into an internship at New York’s Uptown Records. During his first experience in the music industry, he developed artists such as Jodeci and Mary J Blige. Diddy was able to move up the corporate ladder into an executive position.
However, Diddy was fired from Uptown Records in 1993 and embarked on the next chapter of his career. Harrell, who fired Diddy, later clarified in the Bad Boy documentary Can’t Stop Won’t Stop: A Bad Boy Story that he “fired Puff only to make him rich. I told Puff he needs to go and create his own opportunity.” Either way, Diddy’s termination would inspire him to his own record label.
Founding the Bad Boy Entertainment Record Label, he brought artists such as Notorious B.I.G, Carl Thomas, and Faith Evans with him. In addition, he utilized his industry notoriety to begin creating his own music. He produced Notorious B.I.G’s Ready to Die and Life After Death, the two respective albums now amongst the holy grail of rap albums. In addition, he released Platinum albums such as No Way Out and Forever. While Diddy’s sound was rooted in hip-hop, his penchant for soul and R&B fused into his sound. At Bad Boy Records’ peak, it was worth over $100 million.
His Alcoholic Beverage Company Is His Most Profitable
While seemingly every famous rapper has delved into the alcoholic industry, Diddy was the pioneer of the trend. Back in 2007, he took over Ciroc Vodka as a majority owner. He would utilize his image to pivot the brand from a minor player to a multi-billion dollar powerhouse. The brand has branched out significantly from its original product offerings including various flavors and ready-to-drink products. Ciroc launched four flavors of vodka-spiked, ultra-premium canned cocktails. In an interview with Forbes, Diddy stated, “When it came to our innovation, we wanted to disrupt the market. When I was looking at the landscape, it wasn’t giving me luxury. We’re making the category sexy.”
Diddy owes the bulk of his net worth to Ciroc Vodka, where he’s making an estimated $60 million per year. However, Ciroc is not his only venture into the alcoholic beverage space. In addition, he owns the luxury tequila brand DeLeon. All of these brands fall under the umbrella of Combs Wines & Spirits. All of his companies fall under his recently re-branded Combs Global, which contains a portfolio that ranges from alcohol to cannabis products. The two billionaires in hip-hop, Diddy and Jay-Z have each had highly successful ventures into the alcoholic beverage world.
Diddy Disrupted the Clothing Industry
If alcohol has been Diddy’s primary source of net worth, then clothing is a close second. Back in 1998, he launched the Sean John clothing brand under the umbrella of sportswear. The brand would soon branch out into other lanes of fashion. Once exceeding $450 million in sales on an annual basis, Sean John was one of the premiere clothing brands in the US. However, the brand went starkly downhill after Diddy sold his majority stake in the company back in 2016. By 2021, Sean John had filed for bankruptcy. It would take Diddy re-purchasing the brand for $7.5 million to save it.
The billionaire’s clothing initiative began in a cubicle at Bad Boy Records. Jeffrey Tweedy, Sean John’s president for two decades, spoke about the initial process in an interview with GQ. He stated, “I got several calls from [Diddy] about starting a brand. He had a three-year plan already laid out, from what the collection looks like to what we do with it to where we market it how we market it to who we put it on. Diddy had done his homework.”
Diddy Is Building A Black-Owned Media Powerhouse
Diddy has also dived into the television network space. Launched in October 2013, Revolt TV was created with the intention of being “unapologetically hip-hop.” The network has lived up to that mantra, giving hip-hop artists the opportunity to promote their work through mediums such as Revolt-hosted podcasts, music video blocks, and covering social justice issues targeting African Americans. More recently, Diddy has expressed interest in acquiring a majority stake in BET as Paramount Global explores a potential sale. The initiative is a part of Diddy’s long-term vision to own a black-owned media powerhouse.
While rappers such as Childish Gambino and 50 Cent have had successful ventures into acting, Diddy was one of the first hip-hop acts to dive into the networking side of television. At the time, Comcast agreed to carry minority-owned networks as part of its deal to purchase a minority-stake of NBCUniversal. This is when Diddy came in with Revolt, a network that he announced on the steps of Notorious B.I. G’s childhood home.
Diddy Proven To Be An Intelligent Investor
Outside of driving his own businesses, Diddy has proved to be an intelligent investor. For example, he’s currently a partner of Aquahydrate, one of the biggest water companies in the world. Investing a cool $20 million in the company along with Mark Wahlberg. Both are now part of a company that’s worth over $2 billion.
Diddy has also begun to invest in the cannabis market. Back in November of 2022, he acquired the licenses to buy various weed businesses in three different states. The overall deal was worth around $185 million. The deal would make Diddy the owner of the largest black-owned cannabis company in the nation. His dive into the industry was rooted in steadfast anger, as he expressed his frustration at the lack of Black representation in the industry. In an interview with the Wall Street Journal, he stated “Two percent? All the years, all the pain, all the incarceration…to me, it was important to do a big deal like this.”
Diddy’s Net Worth Surpassed $1 Billion in 2022
Of course, Diddy’s business ventures haven’t had a 100% success rate. For example, he attempted to move into the auto parts world by creating the SJC Wheels Company back in 2005. At the time, the worlds of lavish cars and hip-hop were tied together. Therefore, the move had some definite promise on the surface. However, the company’s highly expensive line of wheels would fail to appeal to its target audience. SJC Wheels would file for bankruptcy a year after its inception.
From failed business ventures to getting fired from Uptown Records, Diddy would use these experiences to mold him into one of the hardest workers to come out of the music industry. From the alcohol to fashion industries, Diddy and Jay-Z’s ability to succeed with a wide-range of business ventures stands them from the rest of the crowd. Replacing Kanye West as America’s second hip-hop billionaire in 2022, his wealth and notoriety have continued to shoot up with age.
[via] [via] [via]
Source link
