Connect with us

Published

on

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

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.”

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.

“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.

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.”

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.”

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.

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 savvy 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.

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.

Morning Report delivers the latest news, videos, photos and more.

Please provide a valid email address.

By clicking above you agree to the Terms of Use and Privacy Policy.

Never miss a story.

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.

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.”

?[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.

“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 Hollywod 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.

Continue Reading

Business

Harrods plots legal action against estate of former owner al-Fayed

Published

on

By

Harrods plots legal action against estate of former owner al-Fayed

Harrods is preparing to take legal action against the estate of its former owner, Mohamed al-Fayed, as the multimillion-pound legal bill for compensating his sexual abuse victims continues to escalate.

Sky News has learnt that the Knightsbridge department store, which has been owned by a Qatari sovereign wealth fund since 2010, plans to file a so-called passing-over application in the High Court as early as next week.

The intention of the application is to secure the removal of Mr al-Fayed‘s estate’s current executors, and replace them with professional executors to administer it instead.

Professional executors would be expected to investigate the assets and liabilities of the estate, while Harrods insiders claimed that the current executors – thought to be close family members of the deceased billionaire – had “ignored” correspondence from its lawyers.

Sources close to Harrods said the passing-over application paved the way for it to potentially seek to recover substantial sums from the estate of the Egyptian tycoon as it contends with a compensation bill likely to run to tens of millions of pounds.

In a statement issued to Sky News on Saturday, a Harrods spokesperson said: “We are considering legal options that would ensure that no doors are closed on any future action and that a route to compensation and accountability from the Fayed estate remains open to all.”

Mr al-Fayed is believed to have raped or sexually abused hundreds of women during his 25-year tenure as the owner of Harrods.

More on Mohamed Al Fayed

He died in 2023, since when a torrent of details of his abuse have been made public by many of his victims.

Earlier this year, Sky News revealed details of the compensation scheme designed by Harrods to award six-figure sums to women he abused.

In a form outlining the details of the Harrods redress scheme overseen by MPL Legal, which is advising the department store, it referred to the potential “for Harrods to recover compensation paid out under this Scheme from Mohamed Fayed’s estate”.

“You are not obliged to assist with any such claim for recovery,” the form told potential claimants.

“However, if you would be willing to assist Harrods including potentially by giving evidence against Fayed’s estate, please indicate below.”

This weekend, there appeared to be confusion about the legal representation of Mr al-Fayed’s estate.

In March, the BBC reported that Fladgate, a UK-based law firm, was representing it in an article which said that women who worked for him as nannies and private air stewards were preparing to file legal claims against the estate.

This weekend, however, a spokesman for Fladgate declined to comment on whether it was acting for Mr al-Fayed’s estate, citing confidentiality restrictions.

A source close to the law firm, meanwhile, insisted that it was not acting for the estate.

KP Law, another law firm acting for some al-Fayed abuse survivors, has criticised the Harrods-orchestrated process, but has itself faced questions over proposals to take up to 25% of compensation awards in exchange for handling their cases.

Harrods insiders said there was a growing risk that Mr al-Fayed’s estate would not be responsibly administered given that the second anniversary of his death was now approaching.

They added that as well as Harrods itself seeking contribution for compensation paid out for Mr al-Fayed’s abuse, its legal action would also potentially open way for survivors to claim directly against the estate.

Victims with no direct connection to Harrods are not eligible for any compensation through the store’s own redress scheme.

Even if Harrods’ passing-over application was approved by the High Court, any financial recovery for the department store would be subject to a number of additional legal steps, sources said.

“The passing-over action would achieve the goals of acknowledgement and accountability from the estate for survivors who don’t have the resource to undertake a passing-over application themselves,” an insider said this weekend.

Continue Reading

World

Children orphaned as father killed in Air India plane crash days after mother dies

Published

on

By

Children orphaned as father killed in Air India plane crash days after mother dies

A father returning home after scattering his wife’s ashes was among the victims of the Air India crash, leaving his two young children suddenly orphaned.

Flight 171 was carrying 242 people when it struck a medical college hostel less than a minute after taking off from Ahmedabad airport, in western India.

Twenty-nine people on the ground were killed, taking the total number of victims to 270. A hospital official confirmed 270 bodies have been recovered from the crash site, but DNA testing is being conducted to identify the bodies.

Just one passenger, a British man from Leicester, survived what has become the worst aviation crash in a decade.

Among the victims, 37-year-old Arjun Patoliya had been visiting India to fulfil his wife Bharti’s “final wish” to be laid to rest in her hometown of Gujarat.

Bharti had died just over two weeks ago, following a “courageous battle with cancer”.

A GoFundMe page, set up to raise funds for their two children, says: “Arjun left to bid farewell to his wife, never returned to the children they both raised.

“Now, these two beautiful young girls have been left without parents – their world turned upside down in just over two weeks.”

A fundraiser, which has topped more than a quarter of a million pounds, confirms all money raised will go directly into a legal trust, “to ensure every penny is dedicated to the girls’ needs”.

Please use Chrome browser for a more accessible video player

Families in India wait for bodies of relatives

Read more on Air India crash:
Air India’s lone survivor is nothing short of miracle

Gloucester family among dead
Everything we know about the crash

Investigation will take three months

India’s aviation minister has said a government panel reviewing the crash will complete its assessment in three months.

Ram Mohan Naidu said the government has also ordered “extended surveillance” of Boeing 787 planes. Air India operates 33 Boeing 787s, while rival airline IndiGo has one, according to data from Flightradar24.

Mr Naidu said the plane started descending after reaching 650 feet.

Every theory as to what happened will be looked into, he said. But in the meantime, he has instructed the airline to assist the families of passengers to ensure there is no delay in handing over the bodies of those who died.

Black box has been found

India’s aviation ministry says workers have recovered the digital flight data recorder – one of two black boxes on the plane, from the rooftop of the building where it crashed.

This box has data on engine and control settings, so will be able to show if there was a loss of engine power or lift after takeoff.

The investigation will initially focus on the engine, flaps and landing gear, a source told Reuters on Friday.

A possible bird-hit is not among the key areas of focus, the source said, adding that teams of anti-terror experts were part of the investigation process.

There is no information yet on the cockpit voice recorder, the other black box, which will be a crucial part of understanding what caused the plane to crash.

Continue Reading

UK

Weather warnings: 30,000 lightning strikes hit UK – with roads flooded and landslip disrupting trains

Published

on

By

Weather warnings: 30,000 lightning strikes hit UK - with roads flooded and landslip disrupting trains

Roads have been flooded and a landslip has disrupted trains as the UK was hit by tens of thousands of lightning strikes during thunderstorms – with severe weather warnings in place for large parts of the country.

It follows the hottest day of the year on Friday, which saw a high of 29.4C (84.9F) in Santon Downham in Suffolk.

The Met Office has issued an amber weather warning until 6pm across the South West, North East and North of England, Wales and much of Scotland.

Check the weather forecast where you are

It said there had been more thann 30,000 lightning strikes during the night, with the “vast majority” over the sea.

The Met Office has warned some areas could see 30-50mm of rain in a few hours, while a few locations could reach up to 80mm.

At the same time, strong wind gusts and hail accompanying the storms could potentially bring road flooding, difficult driving conditions, power cuts and flooding of homes and businesses.

The Environment Agency urged the public not to drive through flood water, reminding drivers that “just 30cm of flowing water is enough to move your car.”

A further yellow warning is in force in the eastern half of Northern Ireland from 6am to 6pm on Saturday, while a similar warning has been in place across the South East of England overnight following an amber alert on Friday.

Thunderstorm warnings are in place until Saturday evening. Pic: Met Office
Image:
Thunderstorm warnings are in place until Saturday evening. Pic: Met Office

Kent experienced heavy rainfall overnight, with flooded roads in parts of Dover, while a fire in a residential building in St Leonards-on-Sea on Friday night was likely caused by a lightning strike, the East Sussex Fire and Rescue Service say.

Devon received five flood warnings overnight by the Environment Agency, alongside 46 flood alerts in the South West, South East and Midlands.

A further six flood alerts have been put in place by Natural Resources Wales in South Wales.

National Rail said a landslip had stopped all services between Exeter St Davids and Okehampton, with the weather conditions meaning it is not safe for engineers to reach the site. Disruption is expected until around 1pm.

Other rail operators also warned customers to check for updates on services on Saturday morning.

Heathrow Airport apologised to passengers late on Friday night for flights delayed by “adverse weather conditions”.

Sky News weather producer Steff Gaulter said: “The most active thunderstorms are over parts of Wales, Northern Ireland, Northern England and Scotland, and some are still bringing localised downpours and strong winds.

“The storms will continue northwards, becoming largely confined to Northern Ireland and Scotland by the afternoon. Elsewhere will see a mixture of sunshine and showers, with the showers tending to ease during the day.

“Then from tomorrow an area of high pressure will start to stretch towards us, and the weather next week is looking far calmer and quieter.”

Read more from Sky News:
Is Ibiza at breaking point?
Why is Ballymena the site of riots?

Despite the risk of heavy showers and thunderstorms, not everyone will see rain during the day, with the driest and brightest weather expected in the South East, which will remain very warm.

The UK Health Security Agency (UKHSA) has issued its first yellow heat-health alert of the year, active until 8am on Sunday in the east of England, East Midlands, London, and the South East.

Under the UKHSA and the Met Office’s weather-health alerting system, a yellow alert means there could be an increased use of healthcare services by vulnerable people.

A yellow alert warns of a possible spike in vulnerable people accessing healthcare, and health risks for the over-65s and those with conditions such as respiratory and cardiovascular diseases.

While scientists have not assessed the role of global warming in this short-term event, in general they expect more heavy downpours as the climate changes.

That’s largely because hotter air can hold more moisture and so releases more water when it rains.

Continue Reading

Trending