Russell Simmons Net Worth – What Are His Business Ventures?

In this article, we will discuss Russell Simmons’s age, relationship status, family, and wealth. Continue reading the conclusion for additional information. As per Celebritynetworth, The net worth of American record executive and entrepreneur Russell Simmons is $340 million.

Who is Russell Simmons?

Russell Wendell Simmons is an American record executive and entrepreneur. He also launched the clothing fashion lines Phat Farm, Argyleculture, and Tantris.

Name Russell Simmons
Birth October 4, 1957
Profession Entrepreneur
Nationality American
Net Worth $340 million
Gender Male
Relationship With Kimora Lee

Russell Simmons’s Early Years

Russell Simmons was born in the New York City neighborhood of Queens on October 4, 1957. His father, a public school administrator, and mother, a parks administrator, raised him in Maryland.

Simmons has indicated that drug use was rampant in his childhood area. At an early age, he adopted the criminal lifestyle that surrounds the drug trade and began using drugs himself.

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Russell was more interested in joining in gang culture, despite his father’s efforts to encourage him to seek honest, legal employment. This behavior lasted until one of his gang mates was slain. Russell Simmons opted to enroll at City College of New York in Harlem in order to take his education more seriously.Russell Simmons Net Worth

Russell interacted with key hip-hop movement pioneers, including Kurt Walker and Eddie Cheeba, while studying sociology. After hearing the latter perform, Russell determined that he would devote his life to popularising hip-hop.

Russell Simmons’s Early Career

Russell Simmons and Kurt Walker collaborated to create the single “Christmas Rappin.” Russell Simmons was able to secure a record deal with the label Blow due to his clever marketing efforts.

Following the sale of 500,000 copies of the single, 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 later assist the group, which would become Run-DMC, in negotiating a record deal. Russell Simmons met Rick Rubin, who had already established Def Jam Records, 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 label’s debut album. Ultimately, this release led to a distribution deal with Columbia, which helped establish Def Jam Records.

Russell Simmons’s Breakthrough

Although LL Cool J was instrumental in Def Jam’s initial success, later signings proved to be even more lucrative. Def Jam’s 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.

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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.

What are Russell Simmons’s Salary and Net Worth?

The net worth of American record executive and entrepreneur Russell Simmons is $340 million. Simmons is primarily recognized for his contributions to the music industry. He was the co-founder of the iconic record label Def Jam Records and the CEO of Rush Communications, Inc.

In addition to his musical career, Russell Simmons has earned substantial revenue through a variety of innovative apparel brands. Simmons is also a prolific writer who has contributed to numerous renowned magazines. He holds strong opinions on topics including animal welfare and politics.

Russell Simmons’s Increasing Media Impact

Simmons was growing his media clout even prior to the sale of Def Jam Records. He founded the production company Simmons Lathan’s 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.

Russell Simmons’s Merchandise 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.

Russell Simmons’s 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 Access the Power Within You to Achieve Happiness and Success.

Russell Simmons’s Veganism

Russell Simmons became vegan in 1999. He is outspoken about animal rights issues and supports numerous organizations that work to end animal suffering. He published The Happy Vegan: A Guide to Living a Long, Healthy, and Successful Life in 2015.

Russell Simmons’s Controversy

In 2017, Keri Claussen Khalighi accused Russell Simmons of committing rape on her in 1991. He was 17 years old at the time. This was the first of numerous claims eventually made against Simmons.Russell Simmons Net Worth

Jenny Lumet also alleged that Russell Simmons had raped her, citing an instance from 1991. This time, Simmons ceased to serve as a leader in all of his businesses. Multiple businesses, including HBO, distanced themselves from the entrepreneur.

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The Los Angeles Times published five independent claims of women who had been victims of sexual misbehavior or sexual assault at the hands of Simmons before the end of 2017.

The Fresh York Times then published four additional statements from new women, including additional rape allegations. Ultimately, thirteen women came forward with these charges.

Russell Simmons disputed all allegations, liquidated his assets, and moved to Bali. At least one of his accusers indicated that Simmons selected Bali because there is no extradition treaty between the United States and that country.

Russell Simmons’s Personal Life

In 1998, Russell Simmons wed Kimora Lee. The couple had two daughters together before their 2008 divorce.

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