Sean “Diddy” Combs, whose homes were raided by federal officials, became one of hip-hop’s richest men. Here’s his net worth and how he made his money.
Sean Combs was arrested on Monday on charges of racketeering conspiracy, sex trafficking, and transportation to engage in prostitution.
The arrest marked the culmination of a monthslong federal investigation into Combs, which lined up with a series of sexual and physical abuse allegations facing the hip-hop star — many coming from former romantic or business partners.
Combs has denied all the allegations against him and maintained his innocence over the last year. In May, after 2016 video footage of Combs physically assaulting his then-girlfriend, Cassandra Ventura, surfaced, he apologized and said he was “disgusted.”
“We are disappointed with the decision to pursue what we believe is an unjust prosecution of Mr. Combs by the US Attorney’s Office”, Marc Agnifilo, Combs’ lawyer, said in a statement to Business Insider on Monday. “These are the acts of an innocent man with nothing to hide, and he looks forward to clearing his name in court.”
In the indictment, federal prosecutors noted that Combs was able to pull off his acts in large part due to the power, money, and influence he had accumulated.
“Combs relied on the employees, resources, and influence of the multi-faceted business empire that he led and controlled — creating a criminal enterprise whose members and associates engaged in, and attempted to engage in, among other crimes, sex trafficking, forced labor, kidnapping, arson, bribery, and obstruction of justice”, the 14-page indictment says. “Combs, and other members and associates of the Combs Enterprise, wielded the power and prestige of Combs’ role at the Combs Business to intimidate, threaten, and lure female victims into Combs’ orbit.”
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. He signed Craig Mack, 112, Faith Evans, Mase, and The Notorious B.I.G. Combs’ own 1997 album “No Way Out” reached platinum status seven times over.
In its heyday, the label brought in $130 million annually — enough that Combs could negotiate a $55 million personal advance in 1998 from Bad Boy’s partner, Arista Records, Forbes reported in 1999. Until he returned the publishing rights to some of Bad Boy’s artists last year, Combs was personally earning millions from the Bad Boy catalog each year.
