Gerrard Kaonga
Experts have weighed in on how much Diddy has lost financially following accusations of illegality in his sex trafficking and prostitution case.
Sean ‘Diddy’ Combs trial has been going on for just under two months however, even before the trial begun Comb’s empire may have been floundering.
Combs has long been considered one of the wealthiest individuals in the music industry having built an empire and having a diversified portfolio.
This has included media, television, music and liquor brand deals however experts have argued much of that has been in jeopardy following serious allegations of illegality and impropriety.
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The rapper and producer was arrested last year in September and faced charges of charge of racketeering conspiracy, plus two charges of both sex trafficking and transportation to engage in prostitution.
He denied all of the charges against him.
However, journalist and former Forbes editor Zack O’Malley Greenburg commented on Diddy’s potential loss of wealth before he was even arrested.
Speaking to the New York Times in June of last year, he said: “I firmly believe that [Diddy] was at one point a billionaire.
“I firmly believe that he is not now.”
Greenburg had studied Diddy’s finances, and estimated that at the time, Diddy’s net worth fell to $400 million from the $740 million it was in 2019.
As Combs has been in police custody since his arrest in September later that year, it is expected that his wealth either remained the same or continued to fall.
Despite this, Combs still has significant wealth with multiple million-dollar properties in his name. On July 2, the 12-person jury gave their verdict to the judge on the charges against the disgraced producer.
In full, the five counts were as follows:
The jury have since reached their verdict and Combs has been found guilty of two counts of transportation to engage in prostitution. However, he has been found not guilty of two counts of sex trafficking by force, fraud or coercion, and one count of racketeering conspiracy.
The judge also denied bail for Combs and he was returned to police custody.