Sean Combs’s Empire: Winnowed, but Still Weighty
The New York Times
The music mogul’s business portfolio has shrunk, in part because of multiple sex abuse allegations, but his wealth remains a critical factor as his criminal case unfolds.
In arguing to keep Sean Combs in jail until his trial on federal racketeering and sex trafficking charges, prosecutors have portrayed him as a lavishly wealthy, well-connected music mogul who would be well positioned to flee. In court papers, prosecutors cited media reporting that estimated his wealth at close to a billion dollars.
But as Mr. Combs’s reputation has unraveled amid a wave of high-profile lawsuits and criminal charges, so has his business portfolio. Once a major brand ambassador and chairman of a media platform, he has been forced to withdraw from those roles. In June, several months before Mr. Combs was indicted, Forbes estimated his net worth at $400 million, down from $740 million in 2019.
Mr. Combs’s fortune has been at the forefront of his public persona since the 1990s, when the success of his hip-hop and R&B label, Bad Boy Entertainment, meant he was known as much for his high-flying, champagne-popping lifestyle as the music he produced.
One year ago, Mr. Combs, who is known as Diddy, was at the helm of an ever-growing portfolio: He was a record label founder, a liquor promoter, a cable TV and digital media chairman, a philanthropist and a fashion executive with a label called Sean John.
“He was a larger-than-life marketer,” said Dessie Brown Jr., an entertainment consultant who long viewed Mr. Combs as a model for building a career. “He always talked about being like a ringleader in a circus.”
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