What is Russell Simmons net worth 2022 and salary?
Russell Simmons is a $340 million net worth American record executive and entrepreneur. Simmons is most well-known for his work in the music industry. He was the co-founder of the legendary record label Def Jam Records and the CEO of Rush Communications, Inc.
Russell Simmons Net Worth 2022
|Net Worth:||$340 Million|
|Date of Birth:||Oct 4, 1957 (64 years old)|
|Height:||5 ft 9 in (1.765 m)|
|Profession:||Fashion designer, Film Producer, Entrepreneur, Businessperson, Television producer, Actor, Screenwriter|
|Nationality:||United States of America|
Russell Simmons Net Worth 2022
This entrepreneur’s career has undoubtedly been successful, but his life has also been marred by controversy. In recent years, serious allegations of sexual misconduct and even sexual assault have harmed his public reputation. As a result, he relinquished his positions in his various businesses.
In addition to music, Russell Simmons has amassed a sizable fortune through a variety of original clothing lines. Simmons is an avid writer who has contributed to a number of well-known publications. He has strong feelings about issues such as animal rights and politics.
Russell Simmons was born on October 4, 1957, in the New York borough of Queens. His father, a public school administrator, and mother, a park administrator, raised him in Maryland. According to Simmons, drug use was common in his neighborhood during his childhood. From a young age, he became involved in the criminal lifestyle that surrounded the drug trade, and he used drugs himself. Russell’s father tried to encourage him to find honest, legitimate jobs, but the boy was more interested in gang culture. This went on until one of his gang members was murdered.
Russell Simmons decided to take school more seriously and enrolled in Harlem’s City College of New York. Russell met several pioneers of the hip-hop movement, including Kurt Walker and Eddie Cheeba, while studying sociology. Russell knew he would devote his life to making hip-hop popular after hearing the latter perform.
Russell Simmons collaborated with Kurt Walker on the song “Christmas Rappin.” Russell Simmons was able to secure a record deal with the label Blow thanks to astute promotional decisions. Simmons dropped out of college after the single sold 500,000 copies in order to pursue opportunities in music full-time.
Joseph Simmons, Simmons’ younger brother, was also heavily involved in the burgeoning hip-hop movement. Russell Simmons assisted him and two friends in forming a group and producing various tracks.
He would later assist the group, which would later be known as Run-DMC, in negotiating a record deal. Russell Simmons met Rick Rubin, a producer who had already founded Def Jam Records, a year later. Russell Simmons was brought on board as a co-founder, and the two producers assisted a 16-year-old LL Cool J in recording the label’s first release. This release resulted in a distribution deal with Columbia, which helped put Def Jam Records on the map.
Although LL Cool J was instrumental in Def Jam’s early success, subsequent signings proved to be even more fruitful. When the Beastie Boys released Licensed to Ill on Def Jam, they became a worldwide sensation.
Rick Rubin left the label in 1988, after a string of other major successes. Six years later, for $33 million, Rusell Simmons sold half of the label to Polygram. Rick Rubin sold his shares in the company to Universal Music Group for $120 million two years later.
Simmons sold the rest of Def Jam to Seagram for $130 million in 1999. Def Jam continues to have a huge influence on the hip-hop genre.
Expanding His Media Influence
Simmons was expanding his media influence even before the sale of Def Jam Records. He founded Simmons Lathans Media Group, which helped create shows such as The Def Comedy Jam.
Rush Communications, Inc. was also founded by him. This group consists of ten businesses and three non-profit organizations. Simmons co-produced the Eddie Murphy film The Nutty Professor through Rush Communications.
Russell Simmons founded three clothing companies: Phat Farm, ArgyleCulture, and Tantris. Phat Farm grew in popularity as a result of the growing hip-hop movement and was purchased by Kenwood in 2004 for $140 million. Tantris specialized in yoga clothing, while ArgyleCulture catered to millennial men.
Further Business Ventures | Russell Simmons Net Worth 2022
Russell Simmons founded Unirush LLC in 2013, a company that provided low-income people with pre-paid debit cards. This company was sold to Green Dot Corporation for $147 million in 2017.
Rush Communications expanded into a wide range of other businesses, such as energy drink companies, websites, and book publishing. Russell used the latter to publish a number of self-help books, including Do You! and 12 Laws to Achieve Happiness and Success.
Russell Simmons became a vegan in 1999. He is an outspoken supporter of animal rights and works with a variety of organizations to end animal suffering. He published The Happy Vegan: A Guide to Living a Long, Healthy, and Successful Life in 2015.
Controversy | Russell Simmons Net Worth 2022
Keri Claussen Khalighi, a model, accused Russell Simmons of raping her in 1991 in 2017. Khalighi was 17 years old at the time. This was the first of many allegations leveled against Simmons. Jenny Lumet, a writer, also accused Russell Simmons of raping her, citing an incident in 1991. This time, Simmons stepped down as CEO of all of his companies.
Several corporations, including HBO, took steps to distance themselves from the entrepreneur. Before the year was out, The Los Angeles Times published five separate accounts of women who had been victims of sexual misconduct or sexual assault at the hands of Simmons. The New York Times quickly followed with four more accounts from new women, including additional rape allegations.
In the end, 13 women came forward to make these allegations. Russell Simmons denied everything, sold all of his assets, and moved to Bali. At least one of Simmons’ accusers suggested that he chose Bali because the country does not have an extradition treaty with the US.
Kimora Lee and Russell Simmons married in 1998. The couple divorced in 2008 after having two daughters together.