Is Russell Simmons Broke? Here's His Net Worth in 2023 Amid Aoki Simmons Drama

Russell Simmons was one of the most famous and successful entrepreneurs of the previous decade, making millions of dollars from his record label, fashion brands, and numerous other business endeavors. But all that power and influence faded in the blink of an eye after multiple sexual assault allegations in 2017, and Simmons' net worth began to plummet accordingly.

Today, the infamous entrepreneur appears to be completely broke, according to his own account at least. Not long ago, his daughter Aoki published a post on her Instagram page, revealing screenshots of a conversation with her father. In the conversation, Simmons wrote aggressive messages to Aoki and admitted that he was 'literally broke.'

Aoki later deleted the post, instead sharing a story with photos of her father and saying that she always loved him but couldn't put up with his aggressive behavior anymore.

But amid all this drama and scandal, people couldn't help but wonder — is Russell Simmons really broke, or did he just say that to make his daughter feel sorry for him? Before we try to answer this question, let's see where Simmons' money came from.

In 1984, Russell co-founded Def Jam Recordings, a successful music label that launched many rap artists to worldwide stardom. By 1999, he had made a staggering $240 million in today's dollars by selling all of his shares in the label. After that, Simmons produced shows Def Comedy Jam and Def Poetry Jam, while also running his music and fashion businesses. In 2011, he was worth $340 million.

Five years ago, Simmons was hit with allegations from 13 women who accused him of sexual harassment and rape in the early 1990s. Although the former mogul denied everything, he was ostracized from the industry and had to shut down some of his businesses.

Apparently, Russell's net worth was depleted after the scandalous lawsuit involving his ex-wife Kimora and her current husband, investment banker Tim Leissner. Russell accused Leissner of stealing $3.9 million worth of shares that he and Kimora bought in the Celsius beverage company. The lawsuit is not over yet, so it's going to bite into Simmons' fortune even more.

Celebrity Net Worth claims that Simmons' net worth is still estimated at $10 million. In reality, however, the information may be outdated, and the former mogul may in fact be broke, as he himself admitted in a private conversation.

Source: Instagram, Celebrity Net Worth.