Diddy Predicted To Become Hip Hop’s First Billionaire
The last two decades have seen the top hip-hop power players accumulating massive fortunes—and Forbes took note. In 2007, the magazine began estimating net worth and four years later initiated their annual Forbes Five: Hip Hop’s Wealthiest Artists.
Since then, the list has remained fairly constant with Puff Daddy leading the pack with an estimated net worth of $700 million (that’s an increase of $120 million from last year) followed by Dr. Dre with an estimated $550 million and Jay Z closing in with an estimated net worth of $520 million.
Bryan “Birdman” Williams (along with his brother who helped co-found Cash Money Records have a net worth of $300 million) and 50 Cent (who is worth $200 million) round out the top 5.
Forbes has already estimated that Sean “Puff Daddy” Combs is the closest to becoming rap’s first billionaire thanks in part to his newly launched cable network Revolt TV.
“Another thing about being number one on the list, is that I openly accept the responsibility that comes with that and that economic power gives me the opportunity to give back.,” Combs told Forbes.
Carol’s Daughter Files For Bankruptcy; Determined to Make A Comeback
Carol’s Daughter, the all-natural hair, body and skincare brand, has filed for bankruptcy but the company has not gone out of business. Once endorsed by the likes of Jay-Z, Will Smith, Jada Pinkett and Mary J. Blige, Carol’s Daughter has already closed down most of its stores and laid off more than 50% of their staff. But they are restructuring financially.
Two stores – one in Brooklyn and another in Harlem – will remain open, and the products will be continue to be sold in over 2,000 nationwide retail locations including Target and the Home Shopping Network. The web site at CarolsDaughter.com will also continue to sell products.
According to court papers, most of Carol’s Daughter stores have been unprofitable since 2010. But despite it’s debts of up to $10 million, the company is determined to pursue a new strategy of focusing on growing the brand through retail outlets and online.
Carol’s Daughter started as a home business in 1993 by Lisa Price from Brooklyn, New York. She started out by making her products in her kitchen and selling them at flea markets. With one feature on Oprah, the company took off almost overnight.
Despite the company’s financial struggles, executives are being positive and feel the company can easily rebound after a reorganization.