Dame Dash Says He’s Been Losing Money For Years: “I’m Proud Broke”
Damon Dash has spoken on his struggles to make timely child support payments, which he attributes to financial woes related to his entrepreneur pursuits.
During a new episode of The CEO Show on his America Nu Network platform, the Harlem native spoke with Dr. Taje Moreno about his failure to keep up with child support payments to his ex-wife, Rachel Roy. According to Dash, he’s been “losing money for years” and is admittedly not as financially stable as he was in his heyday, when he was raking in millions of dollars annually.
“While I’m investing in something else, I might not be making the money and the profit, so I can’t afford to pay out what I was when I was having EBITA (Earnings Before Interest, Taxes, and Amortization) of eight million dollars a year,” the 52-year-old told Moreno. “So you can’t judge how much I’m gonna pay out by how much I made 20 years ago.”
Dash continued by admitting that he’s currently “broke” due to investments in his current businesses and hasn’t yielded enough profits to cover hundreds of thousands in child support at this time based on his income. “I’ve had to start [a] new company from scratch, without any money to start it with,” he added.
“I had to do it [by] rubbing two sticks together. So I can’t pay out three or four hundred thousand a year in child support, ‘cause I ain’t making that. But I’m not ashamed of that because I have things to show for it, but it hasn’t profited yet. I’m like a proud broke, but it ain’t broke, because I have things to show for it.”
The enterprising mogul contends that his ex-wife should “pay the bills” in her home due to having received a chunk of his fortune as part of their divorce in 2009. “So I have to now start a new company, without any working capital,” he continued. “So I had to flip. So while I’m doing that, it’s like, yo, [Rachel] got the money I was making — [she should] pay the bills. But you can’t be mad at me and make me feel bad if the money that I had to give the kids, you got, and you still expecting me to pay that while I’m investing and losing money for years.”
Damon Dash’s legal battles involving child support have been well-documented. In 2019, he was arrested for owing more than $400,000 in child support to Roy and another woman, Cindy Morales, but was released after paying more than $1 million in total to clear his debts.
Watch Damon Dash’s The CEO Show below.
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