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Two of Hip-Hop's Biggest Moguls Make Forbes' List of "Greatest Living Business Minds" in 100th Anniversary Issue

Bad Boy Records founder Sean "Diddy" Combs and Def Jam Records co-founder Russell Simmons land on Forbes' latest top 100 list honoring the "Greatest Living Business Minds."

By Victor TrammellPublished 7 years ago 4 min read
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 Russell Simmons, Diddy, and friends enjoy front row seats at a Zac Posen fashion show in 2005 (Photo credits: Evan Agostini/Getty Images)

Forbes Magazine has achieved a major milestone this month. On September 15, 2017, the bi-weekly American business publication celebrated its 100-year anniversary of being in commission.

Any organization that has been around for that long making money is obviously going to celebrate in style big time to honor itself and the people who have either inspired the progress or made it all possible. Forbes did just that this past Tuesday (September 19th) inside the Pier Sixty at Chelsea Piers in New York City. The ritzy, exclusive, and invite-only event Forbes put together was produced alongside Global Citizen, which served as the Charity Partner for the lavish function.

The event was also organized to give recognition and honor to people that Forbes Magazine believes are the best business people in a wide variety of lucrative industries, including manufacturing, technology, entertainment, venture capitalism, as well as individuals who are known for their global-scale philanthropic efforts. The keynote speakers at the 100th anniversary event included Forbes Media CEO and Executive Chairman Mike Perlis, Forbes Magazine Editor-in-Chief Steve Forbes and Warren Buffett.

“Forbes is proud to have served for the past century as the global champions of free market enterprise, entrepreneurial capitalism and the power of the entrepreneur. We look forward to honoring at our centennial celebration some of the world’s greatest business minds and toasting to our heritage and shared goal of helping to change the world for the better," said Perlis in an official statement, which was published in a promotional report prior to the event.

A representative for Global Citizen also expressed enthusiasm about having their organization be a part of an event of such historic proportion.

"Through decades of media disruption, the Forbes brand remains one of the most powerful and trusted names at the newsstand. Global Citizen is proud to partner with Forbes for this historic moment in their history and we look forward to collaborating for many more years to come in our shared vision of a world without extreme poverty," Hugh Evans said in a statement, according to the Forbes promotional report. Evans is the co-founder of the Global Poverty Project and serves as Global Citizen's CEO.

To further celebrate the awesome feat of being in business for 100 years, Forbes created a special new list featured in its commemorative centennial issue, which is scheduled for publication on September 28th. Mr. Buffett is on the cover of the upcoming issue holding a copy of the very first official edition of Forbes Magazine. He is one of the 100 people that Forbes calls the "Greatest Living Business Minds" in its special milestone publication.

Two of hip-hop's biggest and most groundbreaking moguls of all time also get a spot in the exclusive club Forbes is celebrating this month. Def Jam Recordings co-founder and Rush Communications owner Russell Simmons and Sean "Diddy" Combs are rap music's only honorees featured on the coveted list. Combs is the founder of Bad Boy Records and the impresario responsible for engineering the careers of notable acts like Mary J. Blige, 112, Faith Evans, and the late great Notorious B.I.G.

At Def Jam, Simmons was equally as responsible for helping legendary acts, such as LL Cool J, the Beastie Boys, and Foxy Brown become household names. Simmons and Combs are also super successful renaissance men who have also made truckloads of money in other industries as well. For an example, Simmons is the man behind the Rush Card prepaid debit service company. Combs is a co-owner and brand ambassador for Ciroc, one of the best-selling vodka brands on earth.

But more importantly, Simmons and Combs are two men from New York City's urban core who have helped propel their culture to the multi-billion dollar entity it is today. There was a time when black men from drug infested communities were not taken seriously in the legitimate business world. Simmons and Combs have done a lot to change that. Combs has an estimated net worth of $820 million, according to Forbes. In 2017, Simmons has a net worth of $350 million, according to the Gazette Review.

Simmons is a firm believer that having mentors is key to efficient self-motivation. "The self is the greatest teacher; the more you dig, the more you learn. So the self-discovery is your journey," Simmons told Forbes. Combs credits valuing the foundation of good consumer relations as part of his recipe for success. "If I give the customers my best and service them differently, whether music, clothing or vodka, I'll get a return on my hard work," Combs said in his interview with Forbes.

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About the Creator

Victor Trammell

Mr. Trammell is an award-winning digital media producer, freelance journalist, and author. Formerly, he wrote national radio content for the Michael Baisden Show. He also served as Senior Editor at the Your Black World online news network.

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