Sean “Diddy” Combs, whose homes were recently raided by federal officials, become one of hip-hop’s richest men. Here’s how he made his money.
Federal officials raided homes belonging to Sean “Diddy” Combs on Monday.
The hip-hop mogul is one of the most successful businessmen in the industry.
He’s amassed a fortune that was at one time valued at $1 billion — and power to match.
Federal officials raided the Los Angeles and Miami homes of Sean Combs on Monday. The action by Federal Homeland Security Investigations is part of an ongoing sex trafficking investigation, the AP reported.
While the target of the raid has not yet been identified and Combs has not been arrested as of Tuesday, it was the latest and most serious event in ongoing legal troubles facing the music mogul, who is best known as Diddy. Over the past five months, sexual assault and misconduct allegations have piled up against him.
In November, an ex-girlfriend of Combs’, Casandra Ventura, filed a lawsuit accusing him of sexual assault and abuse during the 10 years they dated. Combs denied the allegations and Ventura, known as Cassie, settled with Combs a day after she filed the lawsuit. Still, additional women soon came forward with their own allegations of rape, sex trafficking, and sexual abuse. In February, music producer Rodney Jones Jr., also known as Lil Rod, filed a lawsuit accusing Combs of groping him and forcing him to perform sexual acts with sex workers.
Combs has denied all the prior allegations against him. In response to requests for comment from Business Insider following Monday’s raids, his attorney Aaron Dyer said in a statement:
“Mr. Combs was never detained but spoke to and cooperated with authorities. Despite media speculation, neither Mr. Combs nor any of his family members have been arrested nor has their ability to travel been restricted in any way. This unprecedented ambush — paired with an advanced, coordinated media presence — leads to a premature rush to judgment of Mr. Combs and is nothing more than a witch hunt based on meritless accusations made in civil lawsuits. There has been no finding of criminal or civil liability with any of these allegations. Mr. Combs is innocent.”
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.Records, fashion, liquor: Combs pioneered the hip-hop money-making playbook.
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.
