Sean Combs' Net Worth Tumbles in 2024 Amid Legal Controversies
On Tuesday, Sept. 17, 2024, attorneys for Sean "Diddy" Combs reported to the media that their client had been arrested the night before in New York City. A federal indictment indicated that Combs has been charged with racketeering conspiracy, sex trafficking and interstate transportation for prostitution, going back as far as 2008.
The arrest stems from an ongoing investigation by the U.S. Department of Homeland Security. On March 25, 2024, DHS agents searched the Los Angeles and Miami homes of Combs, as part of "an ongoing sex trafficking investigation," according to the Associated Press sources.
The investigation appears to be connected to several recent lawsuits filed against Combs for sexual assault. The suits include one filed by his ex-girlfriend, singer Cassie Ventura, in federal court in November 2023, which was settled within one day under undisclosed terms. At the time, Combs denied all claims, but was later forced to issue a mea culpa when a hotel security video surfaced showing Combs physically assaulting Ventura in 2016, effectively verifying her allegations.
Combs has long been considered one of the most successful musical artists in the world, with his wealth in the hip-hop industry bested only by Jay-Z—and similar to Hov, Sean Combs' net worth in 2024 is largely due to factors beyond his award-winning music, including partnership deals with various companies that have made him astoundingly rich. Unfortunately, as his serious legal problems continue to mount, his vast financial empire and lucrative deals will likely disappear in a "puff" of smoke.
How did Sean Combs become famous?
Sean Combs had a difficult start. Born in Harlem and raised in Mount Vernon, New York, Combs lost his father, an associate of drug dealer (and American Gangster subject) Frank Lucas, when Combs was just 2 years old.
Combs graduated from high school in 1987 and enrolled at Howard University, where he majored in business. He dropped out after his sophomore year and became an intern at Uptown Records in New York City in 1990, where he helped develop talent including Mary J. Blige and Jodeci. He got fired in 1993 after a party he hosted with Heavy D led to a stampede that got people killed.
The setback was nothing Combs couldn't overcome. The same year, he launched his iconic label, Bad Boy Records, as a subsidiary of Arista Records, and signed Christopher "Notorious B.I.G." Wallace as one of his very first artists.
In addition to heading Bad Boy Records, Combs served as a producer for artists including TLC, and in 1997, released his own first single as Puff Daddy, "Can't Hold Me Down."
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What is Sean Combs' net worth in 2024?
Sean Combs' net worth in 2024 is estimated at an incredible $600 million, down from estimates in previous years due to the end of a highly lucrative partnership with multinational beverage company Diageo after a legal dispute. Also factored into Combs' drop in net worth are his September 2024 arrest and recent court-ordered judgments and settlements stemming from federal charges of harassment, sex trafficking, racketeering and other serious allegations. The charges and ensuing public relations scrutiny have led to several other companies and organizations terminating their business relationships with Combs, further eroding his fortune.
How much is P. Diddy worth in 2024?
The artist formerly known as P. Diddy is reportedly worth $600 million in 2024.
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How is Sean Combs so rich?
A big source of Combs' income is from Bad Boy Records, which was reportedly worth as much as $100 million at its height.
In 2013, Forbes reported that Combs' net worth jumped an astounding $200 million, thanks in part to his stake in AQUAhydrate water with none other than Mark Wahlberg, as well as his launch of digital broadcaster Revolt TV. Combs stepped aside as Revolt TV chairman in late 2023 after being faced with three lawsuits alleging sexual assault.
He also owns the Sean John clothing label, which as recently as 2016 made $450 million in sales. He sold 90% of the brand the same year, but bought it back from bankruptcy in 2021 for a mere $7.5 million. However, Macy's, the line's exclusive retailer since 2010, announced in late 2023 it was phasing the brand out of its stores.
A major share of his wealth came from his partnership with Diageo in the brand C?roc, which officially ended in January 2024.
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How much money did Diddy make from C?roc?
In two words: A lot. Combs reportedly made upwards of $60 million annually from C?roc Vodka since 2007, when he began an equal partnership in the brand with its parent company, Diageo. Five years later, Combs and Diageo partnered again with Diageo on another brand, DeLeón Tequila.
In a dispute over the management of DeLeón, Combs sued Diageo in May 2023. The former partners resolved the issue, including parting ways entirely in January 2024.
How much does Diddy pay Sting?
Combs has paid Sting a mint for sampling The Police's "Every Breath You Take" for his song "I'll Be Missing You," a tribute to his late BFF and protégé Biggie Smalls—and Combs didn't clear the sample first.
"Those guys just take your s—t, put it on a record and deal with the legality later. Elton John told me, 'You gotta hear ["I'll Be Missing You"], you're gonna be a millionaire,'" Sting recalled to Rolling Stone in 2003. "I said, 'I am a millionaire!' He said, 'You're gonna be a millionaire twice over!' I put a couple of my kids through college with the proceeds, and me and P. Diddy are good pals still."
Sting also later clarified that Combs did clear the sample after the song debuted.
In April 2023, Sting said he makes about $2,000 daily in royalties from the song, to which Combs replied that it was actually $5,000. Combs later tweeted that he was just kidding about the figure.
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How much does Diddy make for "I'll Be Missing You"?
It's unknown how much Combs makes for the 1997 smash "I'll Be Missing You," but he has to share a lot of it with Sting, as well as with featured artists Faith Evans and 112.
The song won the Grammy Award for Best Rap Performance by a Duo or Group in 1998. It hit No. 1 in 26 countries and sold more than 8 million copies worldwide—and this was long before streaming existed when artists made a lot more money from singles.
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How much does Sean Combs make a year?
Combs' annual income has been estimated at an astounding $100 million annually from all of his revenue streams. However, that amount could take a sharp decline given his ongoing legal disputes and the allegations against him.
Next, How Much Kanye West's Anti-Semitism and Other Behaviors Cost Him in His Net Worth
