Sean 'Diddy' Combs was once hip-hop's wealthiest mogul. How his business empire has unraveled amid sex trafficking allegations.
Diddy sang about being "all about the Benjamins" as he built his hip-hop empire.
Sean “Diddy” Combs’s empire started to crumble months before he was charged with three felony counts of racketeering, sex trafficking and transportation to engage in prostitution on Sept. 17.
On the rap scene since the 1990s, the Harlem-born performer, 54, sang about being “all about the Benjamins” as he built his hip-hop empire. His brand became synonymous with a lifestyle of excess — mansions, yachts, private planes, luxury cars, women, Cristal, furs and over-the-top gifts for mom Janice. There’s a meme of him staring at a $1 bill looking puzzled by its existence among the $100s, and so many GIFs of him making it rain.
Combs, also known as “Puff Daddy,” didn’t pretend to be a choir boy, branding his business Bad Boy Entertainment. There were run-ins with police (one famously involving his then girlfriend Jennifer Lopez). There were rumors about the ways he allegedly handled business and personal disputes. But the money kept pouring in, reportedly to a tune of $1 billion, per Forbes’s real-time billionaires list, which came out in November 2023.
The same month that Combs’s billion-dollar status was celebrated, Cassie Ventura, who dated him for over a decade before they split in 2018, filed an explosive lawsuit against him, alleging rape, abuse and sex trafficking. Combs settled the lawsuit the next day, admitting no wrongdoing. A video of Combs appearing to hit, kick and drag Ventura in 2016 later surfaced, in May, for which he took “full responsibility.”
Ventura’s lawsuit opened the floodgates: A number of other women — and a man who produced one of Combs’s albums — sued him over the next few months, alleging sexual misconduct or other abuse. Due to the fallout, by the time feds raided Combs’s Miami and L.A. homes in March, his business empire was unraveling.
Now, on the heels of his arrest — for which he pleaded not guilty and maintains his innocence — we have a clearer picture of his financial situation and how it’s been impacted by the allegations.
How did Diddy make his money?
Combs earned his cash through music, alcohol, clothing, media and startup businesses.
Most notably: Over the last decade-plus, the Bad Boy record label founded a cable TV network, Revolt; he was an investor in Diageo spirits, owning the tequila line DeLeón and promoting the company’s C?roc vodka; he profited off alkaline water brand Aquahydrate (in which Mark Wahlberg was also an investor), which he sold in a big-bucks deal; he bought back his clothing line, Sean John, for $7.5 million; and he invested $185 million in cannabis companies. That was in addition to his Bad Boy back catalog.
What was he worth before the allegations?
Last year Forbes dropped the $1 billion figure — and it had been trending that way the last few years. The outlet said he was worth $550 million in 2012 and $700 million in 2014 — both times putting him at the top of hip-hop’s wealthiest moguls list. Diddy declared himself a billionaire in 2017 but then backtracked, saying the race for the first hip-hop billionaire was still on.
Forbes estimated he was really worth $820 million at the time. As for who won the race, it was Jay-Z, who became a billionaire before Combs in 2019.
What’s Combs estimated to be worth today?
Forbes estimated that his net worth was approximately $400 million as of June. As sexual assault allegations continued to mount, “business partners have fled,” the outlet reported. “His brands have become increasingly worthless.”
He’s had a lot of money going out in legal fees. In November, Combs reached a settlement with Ventura, the terms of which have not been revealed. (Before the suit was filed, Combs allegedly offered her “eight figures” to call it off, her attorney said.)
That lawsuit has led to a number of other accusers suing him. Those cases are ongoing.
After Combs’s Sept. 16 arrest, his attorney Marc Agnifilo declared they’re ready to fight the charges, which will be another hefty cost. His legal team has been hard at work on his case for nearly six months already, after Combs’s homes were raided by federal investigators in March.
What assets has Combs sold amid the scandal?
Since the flurry of accusations began in November...
Combs sold his stake in Revolt.
The Sean John fashion line was phased out at Macy’s.
He ended his partnership with Diageo, reaching a settlement in a lawsuit he filed against the London-based spirits company in 2023 alleging racism. Combs no longer has a business relationship with Diageo, which retained sole ownership of C?roc and DeLeón.
Prior to his arrest on sex trafficking charges, Combs put his 17,000-square-foot L.A. mansion, which was raided by Homeland Security, on the market for $61 million.
His attorney said in court on Sept. 17 that Combs is in the process of selling his private plane — registered to “Love Air LLC” — which could bring in $20 million to $25 million.
What else did we learn about his finances in court?
In his attorneys’ unsuccessful attempt to free Combs from jail before his trial, they revealed in an extensive bail package, in which they proposed a $50 million bond, details about his finances.
It was noted that Combs paid the remainder of the $18 million mortgage on his $48 million Miami Beach compound in August.
Over the weekend, he entered into a letter of intent with someone interested in buying his plane.
Combs is trying to rent a New York City apartment, as his federal case is in the U.S. District Court for the Southern District of New York, but hasn’t had luck. He was staying at the Park Hyatt hotel in midtown Manhattan when he was arrested.
What other impact has there been to his businesses and brand?
Miami Beach halted its annual Sean Diddy Combs Day in July.
At the request of NYC Mayor Eric Adams, Combs returned the key to the city in June — after receiving it in September 2023.
Howard University revoked Combs’s honorary degree in June. The university also returned his $1 million contribution and ended a $1 million pledge agreement from his Sean Combs Foundation.
Peloton paused the use of his music and he’s getting less radio airplay.
A Hulu show tentatively called Diddy+7, which was to show his family’s business and their lives, was scrapped in December.
An e-commerce platform he launched, Empower Global, for Black-owned businesses saw at least 18 brands exit in December.
The public, tuition-free charter school he founded in Harlem severed ties with him in November.
What did prosecutors say about his business?
According to the indictment against Combs, he “abused, threatened, and coerced women and others around him to fulfill his sexual desires, protect his reputation, and conceal his conduct.” Some of the injuries were so violent that it took days or weeks for the victims to heal.
Among the allegations is that he orchestrated drug-fueled, prolonged sexual performances, or “freak offs,” that women felt coerced or forced into with male sex workers while he recorded them and masturbated. When his homes were raided, investigators found guns (including three AR-15s with defaced serial numbers), narcotics and “more than 1,000 bottles of baby oil and lubricant.”
The indictment alleges that Combs ran a criminal organization (referred to as the “Combs Enterprise”) with members of Bad Boy Entertainment, Combs Enterprises and Combs Global not just filling his bank account through its entertainment and lifestyle deals, but also allegedly committing criminal acts at his behest, including sex trafficking, forced labor, interstate transportation for purposes of prostitution, drug offenses, kidnapping, arson, bribery and obstruction of justice.
Prosecutors said in court papers that they interviewed more than 50 victims and witnesses in Combs’s case — and anticipate the number will grow.
If Combs is convicted of all three charges, the sentence calls for a minimum of 15 years in prison.
