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Sean “Diddy” Combs aggressively marketed himself to the ultra-rich as he turned his edgy rap glamor into a billion-dollar fortune.

Billionaires told The Post he would cold email with business proposals, while other Wall Streeters acclaimed him as a “genius” and one CEO of the New York Stock Exchange called him an “inspiration” on a par with the Founding Fathers 13 Diddy’s status as a Wall Street tycoon in his own right was on show in 2006 when he rang the New York Stock Exchange opening bell. Getty Images

But after federal investigators raided his Los Angeles and Miami homes as part of what law enforcement sources have told The Post is a sex-trafficking investigation led by the Southern District of New York, his career as an entrepreneur and investor is in jeopardy. Diddy has denied wrongdoing and called the probe “a witch hunt.”

Diddy was first declared a billionaire by hip-hop wealth expert Zack O’Malley Greenburg in 2022, but had coveted the status for years, telling Forbes in 1999, “I wanted to be very, very rich.” 13 Diddy’s relationship with billionaire Ron Burkle appears to be his longest business relationship. In 2015, Diddy again teamed up with Burkle and Mark Wahlberg to buy now water company AquaHydrate. Johnny Nunez/WireImage.com

Along the way he acquired a Rolodex littered with bold-faced names: he partnered with billionaire investor Ron Burkle; was “mentored” by hedge fund guru Ray Dalio; had his fashion line sold in Macy’s and Dillards; went into business with alcohol giant Diageo; opened the New York Stock Exchange with Este Lauder heir William Lauder; struck deals with Zac Posen and Liz Claiborne; 50% owned his own TV channel Revolt; launched a water range with Mark Wahlberg; and teamed up with Salesforce’s Marc Benioff to launch a black business marketplace.

In 2003, he sent the then owner of the Dallas Maverick Mark Cuban an email asking to design the uniforms for the NBA team, Cuban told The Post. They had never met so the cold email was a bold move.

For Diddy, it was a slam dunk to associate his new clothing brand, Sean John, with a pro sports team.

While Diddy took credit for the design, it was actually Diddy’s top designer who created it and Diddy signed off, Cuban said. 13 Diddy asked to design the Dallas Mavericks’ uniforms in 2003, securing his Sean John clothing logo a place on an NBA team, and with it both respectability and TV exposure. AP

“We were an up and coming team at a time when pro sports teams didnt do anything with entertainment industry people,” Cuban said.

“We never even met… we never did any follow up or anything beyond that,” Cuban said.

For Diddy who had gone to Howard University to study business a single deal with an NBA team gave him credibility that he leveraged for even more dealmaking.

But it was a two-way street: Diddy also used his own cache the promise of entry into a world of celebrity to attract investment for his projects.

The same year as his Mavericks deal, Diddy got Burkle, a serial investor worth an estimated $2.9 billion according to Forbes, to inject $100 million into his fashion range Sean John. 13 Michael Jackson (left), Diddy (center) and Burkle (right) attended an MTV party together in 2003. Burkle purchased Jackson’s ranch Neverland for $22 million in 2020.

It was to become Diddy’s longest-standing Wall Street relationship. After it was done, they partied with Michael Jackson while Sean John became a fixture in Macy’s and Dillards stores.

The next year the rapper teamed up with Este Lauder to create multiple fragrances, including one that was named “Unforgivable.” Here's what we know about the allegations against Sean "Diddy" Combs Sean “Diddy” Comb’s homes in Los Angeles and Miami were raided by Homeland Security amid a possible connection with an ongoing sex-trafficking investigation. Authorities targeted the rapper’s homes to seize phones and computers, sources told The Post. Combs was spotted outside a Miami airport slowly strolling back and forth Monday just hours after the raids, according to reports. Brendan Paul, a music producer and basketball player, was arrested on drug charges at a Miami airport while attempting to board Combs’ private jet. Paul has been accused of being a “drug mule” for Combs in a federal lawsuit. At least four Jane Does and one John Doe have been interviewed by New York prosecutors in connection to sex-trafficking allegations and a RICO case, sources told Rolling Stone. Combs’ ex-girlfriend Cassie (Cassandra Ventura) filed a lawsuit against him in November 2023 on several allegations, including rape and physical abuse for over a decade. Combs and Cassie settled the lawsuit one day after she filed it. In November 2023, the rapper was accused of drugging, filming and sexually assaulting a woman on a date in 1991. The lawsuit describes how Combs drove the alleged victim to a music studio where she could not get out of the car before taking her to a place he was staying to sexually assault her. A third woman filed a lawsuit against the celebrity in November 2023, claiming that he and singer-songwriter Aaron Hall took turns sexually assaulting her and a friend in the early 1990s. The woman, listed as Jane Doe in the lawsuit, claimed that a couple of days after the assault, Combs came to the home where she and her friend were staying and violently attacked her. In December 2023, Combs was hit with a fourth sexual assault lawsuit that accused him and others of sexually assaulting a 17-year-old girl at his NYC recording studio after drugging her and supplying her with alcohol.

The move gave him instant social cache. It let him rub shoulders, lucratively, with a New York social dynasty and in turn gave their decades-old brand a fresh, contemporary glamor associated not just with rap music, but his celebrity-packed White Parties in the Hamptons.

The company was thrilled with the partnership and chief operating officer William Lauder said Diddy was a “man who has built a phenomenal reputation as a tastemaker in music, in fashion and in business.” 13 Diddy was feted by the Lauder family for their deal with him including (from left), longtime company executive John Demsey, chairman emeritus Leonard Lauder, and heir Aerin, board member Jane and executive chairman William Lauder. WireImage for MAC Cosmetics 13 Diddy filmed a perfume commercial for Este Lauder in Saint-Tropez. 2006 RAMEY PHOTO 310-828-3445

The Lauder and Macy’s deals were celebrated with Diddy ringing the New York Stock Exchange’s opening bell in 2003, a sign of his power and influence.

Analysts said Diddy was one of the first celebrities to essentially license his name to brands and companies were able to draw on that to reach a more diverse group of customers.

In 2007, he was approached by the alcohol giant Diageo to become a brand spokesperson for its Croc vodka.

But he countered by proposing he become brand manager and chief marketing officer in return for a 50% profit share — and even had the business cards made up for his new role before the deal was done. 13 Diddy announced his partnership with Diageo for its Croc brand in 2007 at a press conference after brazenly printing business cards for his new title before the deal was done. Getty Images 13 The rapper was sure to make Croc part of his lifestyle, a win-win for Diageo and Diddy over the years. He no longer has any part of the business. Mr O / Splash News

The vodka brand agreed. He missed no opportunity to promote it with the deal paying him nearly $1 billion over the next 15 years and turning Croc into a hugely successful brand.

The avvy negotiations led many in Hollywood to respect Diddy’s acumen. He was a master entrepreneur, one music business insider who said the rapper was widely respected in Hollywood as a businessman told The Post.

He was a super intelligent hardworking guy and a genius at brands… he turned Croc into a billion dollar business.

When he rang the NYSE bell in 2016 as a representative for Croc, then NYSE president Tom Farley said Diddy was “an inspiration” to him and similar to the Founding Fathers since they were both hustlers.

The comments were written up by Diddy’s own news website Revolt, which often reported favorably on its co-founder. 13 Croc was once again the name behind Diddy as he and French Montana rang the NYS closing bell on August 30, 2016. Getty Images 13 After standing beside Diddy to run the closing bell, the then president of the NYSE Tom Farley (right) said Diddy was an inspiration and on a par with the Founding Fathers. Getty Images

But the Diageo relationship ended in rancor in 2023 with Diddy accusing the multinational of racism; the case was settled in January with Diageo now sole owner of Croc and DeLen tequila.

In 2015, Diddy again teamed up with Burkle and also with boyband heartthrob turned movie star Mark Wahlberg, to buy now defunct water company AquaHydrate.

Once again, Diddy promoted it energetically, appearing on both coasts with Wahlberg. Start your day with all you need to know

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At least on paper, Burkle had the longest relationship with Diddy of any of his business partners. He has not commented on the allegations against Diddy.

Earlier this year Burkle, a one time close friend of former president Bill Clinton, was linked to another alleged sex trafficker when he was listed in an unsealed court filing naming people associated with Epstein. There is no suggestion Burkle engaged in wrongdoing. 13 Burkle and Diddy were in a three-way deal with Mark Wahlberg after buying AquaHydrate and pushing it energetically. Getty Images for Extra

Diddy also forged a relationship with Dalio, who as well as founding Bridgewater, the world’s largest hedge fund, has a personal net worth of $15.4 billion, according to Forbes, and has become a sought-after guru for his principle of radical transparency.

In 2017, at a Forbes gathering for the “100 Greatest Living Business Minds,” Diddy approached Bridgewater founder Ray Dalio and started peppering him with business questions.

Diddy was a frequent attender at business events. His celebrity rider included his own drink brands and “a young Thai coconut.”

Dalio tweeted in 2019 that Diddy “asked me to mentor him” and posted a slickly-produced video of a “recent mentor session of ours.” 13 Ray Dalio (right) has said Diddy “asked me to mentor him.” Dalio has applauded Diddy as someone who wants to “help others.” Getty Images

?[H]es a real hero, Dalio said. And he wants to be a role model and help others.

“The greatest joy Im having now is helping other people to be successful, particularly helping people who can help a lot of people. Sean Combs, also known as @Diddy, is one such person,” Dalio posted, boosting Diddy to 1.3m followers looking for financial wisdom.

In 2021 Diddy teamed up with tech mogul Marc Benioff, CEO of Salesforce, who Forbes estimates to be worth $10.5 billion, to launch “SHOP CIRCULATE,” a marketplace for black-owned businesses.

That same year he launched a similar online marketplace, Empower Global. 13 Diddy’s most recent billionaire deal was with Marc Benioff’s SalesForce. Marc Benioff/X

“Building Black wealth starts with investing in Black-owned businesses and giving entrepreneurs access to the consumers needed to build sustainable companies that can thrive,” Combs said.

He told Billboard magazine last year that he wants to collaborate with Byron Allen, the TV mogul, and billionaire Hollywood director Tyler Perry to create a “black-owned media conglomerate,” although neither struck any deals with him.

After Diddy was accused by his ex Cassie of rape, sex trafficking, and domestic violence last November, and settled the suit without admitting her claims, brands began distancing themselves.

Macy’s, which still carried his fashion line, said they would stop selling his products. And 18 companies selling products on Empower are reported to have left the platform in recent months.

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UK

Starmer suspends four Labour MPs for breaches of party discipline

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Starmer suspends four Labour MPs for breaches of party discipline

Sir Keir Starmer has suspended four MPs for repeated breaches of party discipline.

Brian Leishman, Chris Hinchliff, Neil Duncan-Jordan and Rachael Maskell have lost the whip, meaning they are no longer part of Labour’s parliamentary party and will sit as independent MPs.

The suspension is indefinite pending a review.

Three other MPs have had their trade envoy roles removed: Rosena Allin Khan, Bell Ribeiro-Addy and Mohammed Yasin.

Politics latest: Suspended MPs defend their voting record

All seven had voted against the government’s welfare reforms earlier this month. However, it is understood this is not the only reason behind the decision, with sources citing “repeated breaches of party discipline”.

More than 100 MPs had initially rebelled against the plan to cut personal independent payments (PIP). Ultimately, 47 voted against the bill’s third reading, after it was watered down significantly in the face of defeat.

Ms Maskell was one of the lead rebels in the welfare revolt, and has more recently called for a wealth tax to fund the U-turn.

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‘There are lines I will not cross’

The York Central MP has spoken out against the government on a number of other occasions since the election, including on winter fuel and cuts to overseas aid.

Confirming the suspension, Ms Maskell told Sky News that she “doesn’t see herself as a rebel” but “somebody that is prepared to fulfil (her) role here of holding the executive to account and speaking truth to power”.

She stopped short of criticising the decision, saying: “I hold my hand out to the prime minister and hope he takes that and wants to reach back because I think it’s really important that we work together.”

Prime Minister Sir Keir Starmer. File pic: PA
Image:
File pic: PA

Ms Maskell was first elected in 2015, while the other suspended MPs were newly elected last year.

Mr Hinchliff, the MP for North East Hertfordshire, has proposed a series of amendments to the flagship planning and infrastructure bill criticising the government’s approach.

Mr Duncan-Jordan, the MP for Poole, led a rebellion against the cut to the winter fuel payments while Alloa and Grangemouth MP Mr Leishman has been critical of the government’s position on Gaza.

Suspended Labour MPs clearly hit a nerve with Starmer


Tamara Cohen

Tamara Cohen

Political correspondent

@tamcohen

After a tricky few weeks for the government, in which backbenchers overturned plans to cut back welfare spending, now a heavy hand to get the party into line.

All four suspended MPs appear to be surprised – and upset.

Three more have lost plum roles as trade envoys – all on the left of the party.

All were active in the rebellion against the government’s welfare reforms, and voted against the changes even after a series of U-turns – but were among 47 Labour MPs who did so.

When MPs were told after the welfare vote that Number 10 was “fully committed to engaging with parliamentarians”, this was not what they were expecting.

We’re told the reasons for these particular suspensions go wider – over “persistent breaches of party discipline” – although most are not high profile.

In the scheme of things, Jeremy Corbyn and John McDonnell rebelled against the Labour whip hundreds of times under New Labour, without being suspended.

But these MPs’ pointed criticism of the Starmer strategy has clearly hit a nerve.

Read Tamara’s analysis in full here

‘Couldn’t support making people poorer’

Mr Duncan-Jordan told Sky News that he understood speaking out against benefit cuts would “come at a cost” but said he “couldn’t support making disabled people poorer”.

Mr Leishman echoed that sentiment, saying: “I firmly believe that it is not my duty as an MP to make people poorer, especially those that have suffered because of austerity and its dire consequences.”

Both said they remain committed to the Labour Party and its values, suggesting they have no plans to join the new party being set up by former Labour leader Jeremy Corbyn and ousted MP Zarah Sultana.

Similarly Mr Hinchliff said in a brief statement: “I remain proud to have been elected as a Labour MP and I hope in time to return to the Labour benches.”

The suspensions will be seen as an attempt to restore discipline ahead of the summer recess following a number of rebellions that has forced the government into U-turns.

Read more:
Who are the suspended Labour MPs?

As well as watering down the welfare bill, some cuts to the winter fuel payment have been reversed, leaving Chancellor Rachel Reeves with a fiscal blackhole to fill.

However the move risks creating further divisions with a number of Labour MPs criticising the decision.

Starmer ‘rolling out the carpet to Reform’

Ian Byrne, Labour MP for Liverpool West Derby, said he was “appalled” by the suspensions as he and 44 others voted against welfare cuts.

He said this isn’t the first time the Starmer leadership has “punished MPs for standing up for what’s right”, as he and six others were suspended last year for voting against the two-child benefit cap.

“These decisions don’t show strength. They are damaging Labour’s support and risk rolling out the red carpet for Reform,” he added.

Richard Burgon, who was also temporarily suspended in the two-child benefit cap revolt, said he had hoped the leadership would take a different approach to backbenchers.

“Sadly, it isn’t yet doing so. To help stop a Reform government, it really must do so,” he said.

Jon Trickett, Labour MP for Normanton and Hemsworth, said “it’s not a sin to stand up for the poor and disabled”, adding: “Solidarity with the suspended four.”

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Technology

Coinbase steps into consumer market with stablecoin-powered ‘everything app’ that goes beyond trading

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Coinbase steps into consumer market with stablecoin-powered 'everything app' that goes beyond trading

Dominika Zarzycka | Nurphoto | Getty Images

Coinbase unveiled Wednesday an “everything app” designed to bring more people into the crypto economy.

The “Base App,” which replaces Coinbase Wallet, will combine wallet, trading and payment functions as well as social media, messaging and support for mini apps – all running on the company’s homegrown public blockchain network Base, which is built on Ethereum.

So-called super apps like WeChat and Alipay – which bundle several different services and functionalities into a single mobile app – have long been viewed as the holy grail of fintech by the industry. They’re central to everyday life in China but haven’t been successfully replicated in the West. Meta Platforms and X have made attempts to realize that vision, integrating payments, messaging and social content, among other things.

For Coinbase, the intent is to expand its reach to a new subset of consumers who aren’t necessarily interested in buying or trading crypto, the company’s core business. Over-reliance on that revenue stream has been a sticking point for the company, and some analysts view the Base blockchain as a way for it to drive utility in crypto beyond speculative trading.

As part of the Base App launch, Coinbase also rolled out two key functions meant to help power it: an identity verification system called Base Account and an express checkout system for payments with the Circle-issued USDC stablecoin, called Base Pay.

Base Pay is a one-click checkout feature for USDC payments across the web, developed with Shopify. At the end of the year, Coinbase plans to bring Base Pay to brick-and-mortar stores with tap-to-pay support. Alex Danco, product manager at Shopify, said at Coinbase’s unveiling event that the function has been turned on for tens of thousands of its merchants this week, and will roll out to every merchant by the end of the year. Shopify will also offer 1% cash back in the U.S. for users who pay with USDC on Base later this year, he said.

Until now, enthusiasm around the Base network has been confined to builders and developers keen to use the technology. In perhaps the highest profile example, JPMorgan said last month that it’s launching a so-called deposit token on the Base blockchain.

Base is often touted for its ability to settle a payment in less than a second for less than a cent, which its fans expect will help the network grow in a way other crypto-based payments efforts haven’t.

Now, Coinbase hopes to tap into an opportunity to settle payments on the Base network that go beyond trading and payments. With the introduction of the everything app, the company is emphasizing the opportunity for a new economic model for content creators in particular – one that might give them more direct and diverse monetization options for their content as well as more control over their identity and data.

Coinbase will fund creator rewards and waive USDC transaction fees within chats in the app as part of the effort to bring more users on chain. It is not expected to generate significant revenue right away.

The new consumer app comes as the crypto industry and Coinbase, in particular, embrace a boom in product launches and rollouts thanks to the pro-crypto policies of the Trump administration and more clearly defined crypto regulations expected from Congress — perhaps as soon as this week. Last month Coinbase launched its first credit card with American Express and Shopify rolled out USDC-powered payments through Coinbase and Stripe.

Coinbase CEO Brian Armstrong has said both have a “stretch goal” to make USDC the number 1 stablecoin in the world, a position currently held by Tether’s USDT, and that he aims to make Coinbase “the number one financial services app in the world” in the next five to 10 years.

Don’t miss these cryptocurrency insights from CNBC Pro:

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Environment

CA senate drops controversial contract-breaking provision of solar law

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CA senate drops controversial contract-breaking provision of solar law

The California Senate dropped a controversial provision of an upcoming solar law which would have broken long-standing solar contracts with California homeowners after significant public backlash over the state’s plans to do so.

For several months now, AB 942 has been working its way through the California legislature, with big changes to the way that California treats contracts for residential solar.

The state has long allowed for “net metering,” the concept that if you sell your excess solar power to the grid, it gives you a credit that you can use to draw from the grid when your solar isn’t producing.

Some 2 million homeowners in California signed contracts with 20-year terms when they purchased their solar systems, figuring that the solar panels would pay off their significant investment over the coming decades by allowing them to sell power to the grid that they generated from their rooftops.

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But this has long been a sticking point for the state’s regulated private utilities. They are in the business of selling power, so they tend to have little interest in buying it from the people they’re supposed to be selling it to.

As a result, utilities have consistently tried to get language watering down net metering contracts inserted into bills considered by the CA legislature, and the most recent one was a bit of a doozy.

The most recent plan was asked for by the CA Public Utilities Commission, in response to an executive order by Gov. Gavin Newsom, was authored by a former utility executive, and used some questionable justifications, claiming that solar customers were responsible for high utility bills by shifting costs from solar customers to non-solar customers. Other analyses show that rooftop solar helped save $1.5 billion for ratepayers.

The most controversial point of AB 942 was that it would break rooftop solar contracts early. At first, it was going to break all existing contracts, then was limited to only break contracts if a homeowner sells their home. The ability to transfer these contracts was key to the buying decision for many homeowners who installed solar, as the ability to generate your own power and lower your electricity bills adds to a home’s value.

This brought anger from several rooftop solar owners and organizations associated with the industry. 100 organizations signed onto an effort to stop blaming consumers who are doing their best to reduce emissions and instead focus on the real causes of higher electricity, which the groups said are associated with high utility spending and profits.

It also resulted in several protests outside CA assemblymembers’ offices, opposing the bill. And California representatives received a high volume of comments opposing the plan to break solar contracts.

But, as of Tuesday, the language which would break rooftop solar contracts has been removed by the CA Senate’s Energy Committee, chaired by Senator Josh Becker, who led the effort. Language which blamed consumers for utility rate-hikes was also removed from the bill, according to the Solar Rights Alliance.

The bill is still not law, it has only moved out of the Energy Committee. But bills that advance through committee in California do not usually meet a significant amount of debate when they come to a floor vote, due to the Democratic supermajority in the state. It seems likely that if this bill advances to a vote, it will pass.

Electrek’s Take

The bill is still not perfect for solar homeowners. It disallows anyone with a yearly electricity bill of under $300 from getting the “California Climate Credit,” which is a refund to state utility customers paid for by California’s carbon fee on polluting industry.

The justification is thin for removing this credit from homeowners who are doing even more for the climate by installing solar… but it turns out that limitation probably won’t affect many customers, because most solar customers will still pay a yearly grid connection tax of around $300/year, and most solar customers still have a small electricity bill anyway at the end of the year.

Now, the question of a grid connection fee is another point of possible contention. This has been referred to as a “tax on the sun” in some jurisdictions, and it does feel like an attempt to nickel-and-dime customers who are contributing to climate reductions and should not be penalized for doing so. However, there is at least some rationality in the concept that they should pay to use infrastructure (but then… isn’t that the point of taxes, to build infrastructure for people to use?).

In short, even if it’s not perfect for every solar homeowner, we can consider this a win, and an example of how, at least with functional governments (unlike the US’ one), the public can and should be able to stop bad laws, or bad portions of laws, with enough public effort.

Now, if only we could apply that to those ridiculous EV fees


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