News: Diddy's Dicey Rick Ross Bet Costs Him $1 Million [Video]

Sunday, Sep 15, 2013 7:52PM

Written by Cyrus Langhorne

Bad Boy Records CEO Diddy might not write rhymes but he's going to write up a hefty check to Maybach Music Group leader Rick Ross to the sum of $1 million.

According to Puffy himself, he lost a milli in a big gamble with the self-proclaimed "Bawse."

For a media mogul like Diddy, money really ain't no thing. The rapper turned entrepreneur spent Saturday night in the recording studio with rapper Rick Ross, and in addition to making music the pair decided to have some fun with an apparent game of craps. Diddy, 43, clearly isn't very good -- the Bad Boy Records head lost $1 million to Ross, 37. "I just lost a million to @rickyrozay in the studio recording Big Homie" (New York Daily News)

In true Diddy fashion, he issued Ricky Rozay a handwritten "I OWE U" note.

In a lighthearted Instagram video posted to both rappers' pages, Diddy takes a good-luck swig of Ciroc -- his own brand name vodka -- before launching the losing dice. Afterward he shows off an "I OWE U" note for Ross, scrawled in his own handwriting. "'I just lost a million dollars," he captions the video. "It ain't nothin." And with a net worth of $580 million, it really isn't. (New York Daily News)

Back in March, the music mogul landed atop Forbes' "Hip-Hop's Wealthiest Artists" list.

Sean "Diddy" Combs rose to mainstream fame in the late 1990s rapping about his desire for Benjamins, otherwise known as $100 bills. A decade and a half later, he might need to consider some larger denominations--McKinleys, Clevelands and Madisons, perhaps--to express his wealth. Diddy ranks No. 1 on this year's Forbes Five, our list of hip-hop's wealthiest artists, with an estimated net worth of $580 million. The bulk of the Bad Boy Records founder's wealth comes from non-musical ventures, namely his deal with Diageo's Ciroc. The agreement entitles him to eight-figure annual payouts and a nine-figure windfall if the brand is ever sold--and Ciroc's value has never been higher. (Forbes)

The rap executive is also keeping busy with his new REVOLT TV network.

P. Diddy recently launched a global talent search. The rapper is looking for a young person aged between 13 and 25 to join his REVOLT TV network as a presenter, and has been personally evaluating the 15-second audition tapes submitted by applicants. Diddy's online TV channel is launching in October and he's keen to hire the freshest and most innovative people to appear on it from anywhere around the world. Anyone wanting to enter the talent search should upload their video via Twitter, Instagram, Vine, Vimeo, Facebook or YouTube with an #iamrevolt hashtag and another describing their musical style. The video must end by saying ''I Am REVOLT'' and be submitted before September 30. (AZ Central)

Check out the footage:

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