Russell Simmons Net Worth: Russell Simmons was born on October 4, 1957, in Queens, New York. Daniel Simmons Sr. and Evelyn Simmons raised Simmons. His father was a superintendent of public schools, while his mother was a park supervisor. Simmons briefly attended City College of New York before dropping out and going on to support local musicians.
What Is Russell Simmons Net Worth?
Russell Simmons, a well-known American entrepreneur, has a net worth of $350 million. Russell Simmons, the most famous American entrepreneur, has a net worth of roughly $350 million, according to numerous web resources (Wikipedia, Forbes, IMDB).
Real Estate
In 2013, Russell purchased a Los Angeles mansion for $5,900,000. In August of 2018, he sold this home for $8.125 million.
Also Read: Will Arnett Net Worth Is Being Analyzed Ahead of Lego Masters
Early Career
Russell Simmons and Kurt Walker collaborated to create the tune Christmas Rappin. Russell Simmons was able to secure a record deal with the label Blow due to his clever marketing efforts. With the sale of 500,000 copies of the record, Simmons dropped out of college to pursue a career in music. Joseph, Simmons younger sibling, was also highly interested in the emerging hip-hop movement.
He created a group with two buddies, and Russell Simmons assisted in the production of numerous tracks. He would subsequently assist the group, which would become Run-DMC, in negotiating a record deal. Russell Simmons met Rick Rubin, who had already established Def Jam Recordings, a year later.
Russell Simmons was brought on as an equal partner, and the two producers assisted LL Cool J, then 16 years old, in recording the labels debut album. Ultimately, this album resulted in a distribution deal with Columbia, which helped establish Def Jam Records.
Breakthrough
Although LL Cool J was instrumental in Def Jams initial success, other additions proved to be much more lucrative. Def Jams release of Licensed to Ill by the Beastie Boys caused them to become a global phenomenon. Rick Rubin left the label in 1988, following a string of huge successes. Six years later, Russell Simmons sold Polygram a stake in the label for $33 million.
Two years later, Rick Rubin sold his company shares to Universal Music Group for $120 million. Simmons sold the remaining shares in Def Jam to Seagram for $130 million in 1999. Def Jam continues to have a significant impact on the hip-hop genre.
Expanding His Media Influence
Simmons was growing his media clout even prior to the sale of Def Jam Recordings. He founded the production company Simmons Lathan Media Group and contributed to the creation of shows such as The Def Comedy Jam. In addition, he founded Rush Communications, Inc. This conglomeration consists of ten for-profit firms and three nonprofits. Simmons co-produced the Eddie Murphy picture The Nutty Professor via Rush Communications.
Clothing Lines
Phat Farm, ArgyleCulture, and Tantris are three of the apparel lines founded by Russell Simmons. As a result of the increasing popularity of hip-hop, Phat Farm was acquired by Kenwood in 2004 for $140 million. ArgyleCulture catered to male millennials, whilst Tantris specialized in yoga clothing.
Also Read:Erykah Badu Net Worth: How Rich Is She Now?
Further Business Ventures
In 2013, Russell Simmons created Unirush LLC, a startup that provides low-income customers with pre-paid debit cards. This company was acquired by the Green Dot Corporation for $147 million in 2017.
In addition to energy drink firms, websites, and book publishing, Rush Communications became involved in a diverse array of other economic activities. Russell utilized the latter to produce a number of self-help books, including Do You! and 12 Laws to Unlock the Power Inside You to Create Happiness and Success.
Personal Life
In 1998, Russell Simmons wed Kimora Lee. The couple had two daughters prior to their 2008 divorce.
Leave a Comment