It seems Sean “Diddy” Combs is among the investors that helped Elon Musk takeover Twitter by finalizing the tech billionaire’s $44 billion acquisition of the social media app.
The hip-hop mogul and newly classified billionaire has been reported to have invested at least $10 million, a source told TMZ.
Diddy & Musk
Diddy and Musk are apparently friends, or at least associates. They have been reported to be seen together at a few public appearances, including at Dave Chappelle’s comedy show at the Hollywood Bowl in May and Kanye West’s “Donda 2″ album listening party in Miami in February.
Reluctant to follow through with his buyout of Twitter at first, the purchase by the Tesla founder is now leading to a slew of layoffs.
Four top execs got terminated immediately, and about 3,700 employees are expected to be fired, which is about 50 percent of the Twitter workforce.
“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day. Everyone exited was offered 3 months of severance, which is 50% more than legally required,” Musk tweeted.
Diddy’s Investments
Diddy has been on an investment roll. He just created the country’s biggest Black-owned cannabis company. Combs announced that he is buying cannabis operations from medical marijuana companies Cresco Labs Inc. and Columbia Care Inc. for $185 million. The two companies are divesting the assets as part of their merger, which was decided on in March.
He built a majority of his wealth through his Bad Boy Records, which he founded in 1993. At its height, the label, which churned out hit after hit in the 1990s, was worth $100 million.
Sean Jean clothing, which he launched in 1998, was generating $450 million in annual retail sales by 2016. Combs sold 90% of the company in 2016. But in 2021, he bought the company back from the bankrupt owner for $7.5 million.
He is also behind the successful vodka brand Cîroc and Revolt TV. Under the Ciroc deal, he gets 50 percent of the profits. And he has major equity stake in Revolt TV, which he co-founded in 2103. He purchased a majority holding in beverage company Aquahydrate.
