News: Diddy Reacts To Crushing Forbes List: "I Want To Tell You The Truth, I Actually Don't Have That Money" [Video]
Tuesday, Oct 8, 2013 10:15AM
Bad Boy Records CEO Diddy has stepped forward to speak out on dominating his fellow music comrades on Forbes' annual Cash Kings Top 20 rundown and why he is much more than just a dollar sign.
While Puffy accepted the recognition, he downplayed just how many zeros are in his bank account.
"I really can't deny how humbling and how proud I am to be from Harlem, New York, be from the inner city and to be on the Forbes list," Diddy said in an interview when asked if he would become hip-hop's first billionaire. "I can't deny that. But it doesn't define me, if I become a billionaire or whatever the status is of what I'm worth. First of all, I do want to say to the Forbes cameras, I actually don't, I want to tell you the truth. I actually don't have that money in the bank, that's saying how much I'm worth. So I don't have that money in the bank. I want to make sure y'all are clear on that. I have no problem with saying that. If that pushes me down on the list, I'm okay with that." (Forbes)
Puffy also spoke on the importance of using his own finances to help spread the wealth and make more than 1,000 people earn a living.
"But the way I define my success is how many people I'm able to affect their lives in a positive way. I have over a thousand employees, people that I pay, over a thousand employees and from a kid coming from Harlem, if I could do it then hopefully that inspires somebody else to do it. And then another thing about being number one on the list, is that I openly accept the responsiblity that comes with that and that economic power gives me the opportunity to give back. Because I was able to work hard and to earn that money, I was able to take care of my family, I got six kids and that's kind of expensive. [laughs]" (Forbes)
Recently, rap mogul Jay Z downplayed the importance of being motivated by money.
Jay knows to the penny how much money he has, he tells Robinson, but won't divulge the amount; when told that Forbes estimated his net worth at around $500 million, he dismisses it as a "guesstimate" and says he's not motivated by money. "I'm not motivated by that. . . . I don't sit around with my friends and talk about money, ever. On a record, that's different." (Vanity Fair)
A couple weeks ago, both Diddy and Jay landed atop Forbes' Cash Kings 2013 list respectively.
Hip-hop's net worth king claims his first annual earnings crown thanks mostly to the success of Ciroc vodka. Other ingredients in his cash cocktail: record label Bad Boy, clothing line Sean John and, soon, cable channel Revolt. Lost his hyphen but gained double-digit millions from lucrative live shows, Armand de Brignac champagne, D'Ussé cognac, Roc Nation label/management firm and other ventures. Last year's Cash King slips two spots, no longer boosted by a nine-figure payout for selling part of Beats by Dr. Dre in 2011. But he's still cashing in on the ubiquitous headphones, expanding the company he founded with Interscope chief Jimmy Iovine to include a long-awaited streaming music service. (Forbes)
Check out Diddy's interview: