In his heyday, Russell Simmons was known as the “Godfather of Hip-Hop” —an unstoppable entrepreneur who helped transform rap music from a niche genre into a global cultural phenomenon.
However, Simmons’ reputation and fortune have taken a significant hit in recent years. From allegations of sexual misconduct to legal battles involving his stake in Celsius Holdings, the hip-hop mogul’s fall from grace has been both swift and severe.
In this article, I’ll discuss Russell Simmons’ net worth and the factors contributing to his downfall.
What Is Russell Simmons’ Net Worth?
Russel Simmons’ net worth is up for debate. Some sources say he has a net worth of $340 million to $500 million, while others say it’s between $10 million and $40 million.
The vast discrepancy in net worth is likely linked to the serious allegations, lawsuits, and divorce proceedings Simmons has faced—and continues to face—in recent years.
Sources claiming Simmons’ net worth exceeds $340 million often overlook the significant financial impact of recent events in his personal and professional life.
Let’s break down the key factors that have likely reduced his wealth.
Russel Simmons’ Divorce to Kimora Lee
According to reports, Simmons’ net worth of ~$500 million dropped to a mere $10 million following the divorce of his now ex-wife Kimora Lee.
The legal battle between the once-couple lasted three years, and upon its conclusion, Simmons was left to pay quite a hefty settlement.
According to People, the settlement includes the following:
- A Beverly Hills home valued at $8.5 million for Lee and their children
- A leased vehicle worth $60,000 for Aoki and Ming, to be renewed every two years
- Monthly stipends of $20,000 each for Ming and Aoki, amounting to a combined $480,000 annually until 2019 and 2022, respectively
Celsius Lawsuit
Though the settlement left a massive dent in Simmons’ pockets, it’s not the divorce that bankrupted him but the proceedings that happened soon after.
According to Simmons, Lee and her now-estranged husband Timothy Leissner stole millions of dollars of stock from him—as much as $400 million.
For context, Lee, Leissner, and Simmons worked together in Nu Horizons Investment Group, a new media and lifestyle investment company. Most of the group’s stock went to the energy drink Celsius.
Simmons claims that his ex-wife and her husband conspired to sell his shares of Celsius stock without his consent. The proceeds from the sale—worth around $44 million— were allegedly used to bail Leissner out of jail when he was accused of embezzlement. Simmons wants no financial part in keeping Leissner out of jail.
On May 5, 2021, Simmons sent Lee a letter begging her to “do the right thing.”
In the letter, he expressed his shock and disappointment at his ex-wife’s refusal to agree to his repeated requests to legally confirm his ownership of 50% of the Celsius shares. The shares are currently inaccessible because they were used as bail for Leissner.
When Simmons received no response from Lee, he decided to proceed with the lawsuit.
The lawsuit claims that in June 2018, Lee and Leissner declared that the Celsius shares were only temporarily transferred to Lee to cover Tim Leissner’s bail. The lawsuit seeks to return Simmons’ Celsius shares and damages.
As of 2024, there has been no recent development in the lawsuit.
Allegations of Sexual Assault
Over the years, reports about Simmons’ inappropriate behavior have surfaced.
Amidst the #MeToo movement in 2017, multiple women accused him of misconduct spanning from 1988 to 2014. Simmons has consistently denied these allegations.
“I vehemently deny all these allegations,” Simmons said. “These horrific accusations have shocked me to my core, and all of my relations have been consensual.”
Among the women who had come out was Def Jam executive Drew Dixon, naming Simmons a rapist.
In 2018, author and filmmaker Jennifer Jarosik sued Simmons for $5 million, accusing him of rape. Simmons denied the allegation and claimed that he and Jarosik had been in a consensual relationship for over ten years.
The lawsuit was later dismissed, but not after severely damaging Simmons’ reputation.
The numerous allegations forced Simmons to step down from several of his businesses. HBO also removed his name from the Def Comedy series, and the publication of one of his books was canceled.
Is Russell Simmons Broke?
No one would consider an individual with a $10 million net worth “broke.” But for Russell Simmons, who once had a net worth of $500 million, that might be closer to his reality.
He lost several businesses and his reputation in the entertainment industry, which has taken a significant hit.
According to screenshots shared by his daughter Aoki Simmons in 2023, Russell told her that he was “literally broke” and that her mother, Kimora Lee, had “stolen [his] money and the love of [his] kids.”
Aoki responded, “She did not steal it; you lost it, understand? You lost it with your actions.”
Where Is Russell Simmons Now?
There had been no recent reports about Russell Simmons.
However, some sources state that he spends much of his free time at the Gdas Health and Wellness Resort in Bali.
American singer-songwriter Usher had recently visited Simmons in Bali and immediately received severe backlash.
Usher’s decision to associate with Simmons, who has faced numerous allegations of sexual misconduct, has sparked a flurry of online criticism and debate.
Final Thoughts
As of 2024, Russell Simmons’ net worth is believed to be $10 million—a stark difference from his $500 million net worth during the peak of his career. Factors that contributed to this dramatic decline include legal settlements, ongoing lawsuits, and allegations of sexual misconduct.
