Diddy is not billionaire after shedding deal which made him an estimated $1 billion alone
The person who as soon as claimed he was a billionaire is now more likely to be nowhere close to that determine after shedding deal after deal following a spate of lawsuits and allegations made in opposition to him.
We’re after all speaking about Sean ‘Diddy’ Combs, who’s at present on trial over a variety of costs together with intercourse trafficking, racketeering and transportation to interact in prostitution, all of which he denies.
Whereas Forbes named him as one of many highest paid entertainers on the planet in 2022, they defined that the majority of his internet price got here from a profitable deal the rapper had struck with alcohol firm Diageo.
Again in 2019 once they estimated his internet price at round $740 million, Diddy hit again and insisted he was a billionaire, and it looks like that drinks deal was making up a major chunk of his wealth.
They first partnered up in 2007 to advertise Cîroc vodka after which in 2013 purchased DeLeón tequila collectively, with the corporate saying in court docket filings it had paid the musician $1 billion over the course of their partnership.
However final 12 months, all ties between them have been lower when Diageo purchased Diddy out for a sum of $200 million.
He had accused the model of racism and claimed that they had uncared for manufacturers he was related to, however in January 2024 a joint assertion introduced that Diddy had withdrawn his accusations and dropped a lawsuit in opposition to the corporate with prejudice.
The collapse of this deal knocked a major chunk off Diddy’s internet price, and final 12 months Forbes reckoned that his price had dropped to round $400 million.
Once more, that is internet price so it doesn’t suggest he has that a lot within the financial institution, simply that the mixed whole of his cash and property added as much as that a lot.
At Diddy’s trial, a jury has heard testimony from his ex Cassie Ventura, who Combs beforehand paid $20 million to settle a lawsuit she filed in opposition to him alleging that he usually gave her medicine and alcohol and compelled her to have intercourse with male prostitutes.
Combs denied the allegations and settled the lawsuit the day after it was filed again in 2023, whereas Cassie Ventura lately gave prolonged testimony to a court docket in regards to the rapper in his ongoing trial.
Throughout her testimony, Cassie went into element in regards to the ‘freak offs’ that Combs held and defined that she would take ketamine to ‘dissociate’ with what was occurring.
The court docket additionally noticed texts between the 2 after a 2016 incident in a resort that was caught on digital camera during which Combs was seen assaulting Cassie.
The rapper Child Cudi, actual title Scott Mescudi, additionally gave testimony the place he accused Diddy of getting his automobile set on fireplace after discovering out that he and Cassie had been courting.
A safety guard from the resort the place footage of Combs attacking Cassie was caught lately spoke at Diddy’s trial and claimed that his boss offered the digital camera footage to Diddy for $50,000.
He claims that he was tasked with delivering the footage, alleging that Diddy then handed him $100,000 in a paper bag and had him signal an NDA with 1,000,000 greenback penalty.
The trial continues.
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