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Billionaire Firm Backed Trump’s $175 Million Bond Saying It Was an ‘Easy Transaction’

April 3, 2024 by newhiphopnews

Donald Trump Reportedly Teases 2024 Presidential Run at CPAC

In Trump’s world, the former president was up against the wall after losing his civil case, in which he, his sons, and his organization were found liable for fraud in New York. To appeal the astronomical judgment, he had to post a bond of $464 million. Trump seemingly lucked out after an appellate judge dropped his required bond from half a billion bucks to only $175 million. Only.

In a CNN report, Don Hankey, the chairman and majority shareholder of Knight Specialty Insurance, saved Trump as the underwriter of the $175 million. As Hankey put it, the deal came together quickly. And get this: Trump supposedly posted all cash as collateral.

“It’s what we do. I’m happy to do it. We would have done it for anybody else,” Hankey said in a phone interview. “It was an easy transaction. It was put together very quickly.” Knight Specialty Insurance is based in California, and is known for providing subprime auto loans to car buyers with weaker credit scores. Oh, they do that type of business. “We had a conversation about putting together a bond of that size,” Hankey said to CNN.

It’s not a coincidence that Hankey came to the rescue. He has supported Trump’s presidential campaigns in the past. CNN reports that he “initially reached out to the Trump Organization last month when the former president was having trouble putting together a bond of $464 million.” Hankey is pretty well off and has a fortune that Forbes values at $7.4 billion.

“Ultimately, he put up all cash,” Hankey added but says he does not know where the $175 million in cash that Trump posted came from. It is interesting that they don’t do any due diligence on a transaction of that magnitude.

It’s no surprise that Hankey told CNN that he, along with his wife and two sons, have all donated to Trump’s presidential campaigns and will support him again in 2024. Well, everybody is entitled to their own opinion.

Even with all that he has done Hankey said he hasn;t event heard directly from Trump, but he said Trump’s son Eric reached out Tuesday to thank him for the business. How nice of him.

The post Billionaire Firm Backed Trump’s $175 Million Bond Saying It Was an ‘Easy Transaction’ first appeared on The Source.

The post Billionaire Firm Backed Trump’s $175 Million Bond Saying It Was an ‘Easy Transaction’ appeared first on The Source.

Jay-Z And Rihanna’s Updated Net Worth Shared In Forbes’ Celebrity Billionaires List

April 2, 2024 by newhiphopnews

Today Forbes shared their annual celebrity billionaires list. This year’s edition highlighted 14 stars whose net worth has crossed the billion threshold and ranked them in order of the volume of their wealth. The biggest story of the list was its very first entry, Taylor Swift. The pop star has now barely crossed the billion threshold, but is the first to ever do it entirely through songwriting and performing. She arrives on the list on the back of her massively successful Eras Tour last year.

Elsewhere on the list, all kinds of stars are represented. Filmmakers are well represented with Tyler Perry and Peter Jackson cracking the top 10. George Lucas and Steven Spielberg take up the top two spots on the list. The sports world is also present with Michael Jordan, Tiger Woods, LeBron James, and Magic Johnson. Beyond Swift, two more musicians appear on the list and neither are a surprise. Rihanna turns up at number 9 on the list with a net worth of 1.4 billion. Her spot on the list is propelled by brands like Fenty Beauty and Savage x Fenty. Jay-Z turns up at number 5 on the list with an impressive net worth of 2.5 billion. They also point out that his net worth is separate from the $500 million plus that Beyonce nets. Check out the full list below.

Forbes Reveals Updated Net Worth Of Rihanna, Jay-Z, And More

From Taylor Swift to Michael Jordan, these performers, athletes and entertainment tycoons are truly rich and famous. https://t.co/pXuKfkBFuX #ForbesBillionaires pic.twitter.com/sbpVwLgoFG

— Forbes (@Forbes) April 2, 2024

Jay-Z has been characteristically silent recently. But he was recently brought into the launch of ScHoolboy Q’s new album Blue Lips. That’s because ! got to play him the record before it was released. Some of his Top Dawg contemporaries like Isaiah Rashad and SZA slid into the comments of a post about it with jokes about the situation.

Jay-Z has also become one of Azealia Banks’ targets. She’s taken shots at both him and Beyonce repeatedly throughout the Cowboy Carter rollout. What do you think of Jay-Z and Rihanna’s updated net worth according to Forbes? Does anybody who made the cut of the celebrity list surprise you? Let us know in the comment section below.

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Diddy’s House Raid Leaves Slim Thug Worried About “Losing Another Billionaire Over Allegations”

March 27, 2024 by newhiphopnews

Slim Thug is concerned about seeing another billionaire lose their fortune over allegations of misconduct after federal agents raided Diddy’s homes in Los Angeles and Miami on Monday. Thug explained his take on the matter and proclaimed that the Bad Boy mogul is “innocent until proven guilty” in a video on Instagram.

“I don’t want to see a Black man who came so far, almost to a billion dollars, fall down. That’s our inspiration,” Slim Thug stated. “We losing another billionaire over allegations at this point. Still aint no criminal charges.” He added that it’s been most disappointing seeing people in the industry turn their backs on him. “He thought that we would ride or die for him. He thought that the world of Hip-Hop would stay down,” he said. “This dude is on the list of the worst people in the world right now without no criminal charges.”

Law Enforcement Arrives At Diddy’s Los Angeles Property

LOS ANGELES, CA – MARCH 25: View of law enforcement agents and vehicles outside Diddy’s Beverly Hills estate are seen on March 25, 2024 in Los Angeles, California. (Photo by HIGHFIVE/Bauer-Griffin/GC Images)

Diddy’s lawyer, Aaron Dyer, addressed the raids in a statement on Tuesday, describing them as a “gross overuse of military-level force.” “There has been no finding of criminal or civil liability with any of these allegations. Mr. Combs is innocent and will continue to fight every single day to clear his name,” he said. Diddy wasn’t at the properties at the time of the raids and instead was reportedly flying from California to the Caribbean.

Slim Thug Comes To Diddy’s Defense

Check out Slim Thug’s thoughts on the situation involving Diddy above. He isn’t the only artist to speak out in support of Diddy after Monday’s incident. Tyrese also shared a post for him on Instagram. Be on the lookout for further updates on Slim Thug and the investigation into Diddy on HotNewHipHop.

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Dame Dash Says There Wouldn’t Be A “Rapping Jay-Z” Without Him

December 21, 2023 by newhiphopnews

Jay-Z might be hip-hop’s first billionaire, although Dame Dash is doubling down on the notion that it wouldn’t have happened without his help. As you know, Jay and Dame Dash’s history goes way back and the latter undoubtedly played a major role in shaping the former’s early career. When no label wanted to sign Jay, Dash helped establish the empire that we now know as Roc-A-Fella and the rest is history. Although Jay became a billionaire after Roc-A-Fella’s split, you can’t erase Dame Dash from history.

On his appearance on The Gauds Show, Dash detailed all of the steps he had to take to even get Jay-Z heard in the first place. “I shopped Jay-Z to every single label,” he said. “Kevin Liles, all of them. Every single one of them and they all said no. And he becomes one of the greatest rappers alive. Those are the same people that said he was too old, rapped too fast, and dressed corny.” Ultimately, Dash’s persistence and drive helped create history in hip-hop.

Dame Dash Speaks On Jay-Z’s Success

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A post shared by Dame Dash (@duskopoppington)

Dash explained that through this experience, he learned to trust his gut. Since many of these executives couldn’t see Jay-Z’s potential, he, Dame, and Biggs Burke went out to create their label. Ultimately, it defined an era in music and became a playbook for independence in hip-hop. “If I listened to them, there would be no Jay-Z. He wasn’t gon’ do it,” Dame said. “There would be no rapping Jay-Z if it wasn’t for me 100,000 percent. He wasn’t gonna do what I did to make sure he got heard. He was hustling.”

While Dame can’t necessarily take credit for Jay-Z’s bars, he made it clear that his business acumen helped them break down the doors. “He wasn’t gonna put a record out by himself and create a record company,” he added. “He could rap but he didn’t know business. I taught him business. How to put a record out yourself. How to leverage your celebrity and put it on a product yourself.” Check out the clip above.

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Beyonce Nearing Billionaire Mark Amid “Renaissance” Success

December 13, 2023 by newhiphopnews

Beyonce’s net worth has rocketed up from $300 million to $800 million, this year, following her massively successful Renaissance World Tour as well as its accompanying concert film. According to Forbes, she ranked as the 48th richest self-made woman in the world back in June, when her net worth was only listed at $540 million. Had she been at her current figure then, she would’ve come in at No. 30.

The Renaissance World Tour brought in $100 million after taxes alone, while her music catalog is now worth approximately $300 million. Additionally, she and JAY-Z both own a real estate portfolio that is estimated to be worth $320 million. The couple also have various other personal assets as well as business holdings in the Parkwood Entertainment company.

Beyonce Performs On The “Renaissance” Tour

STOCKHOLM, SWEDEN – MAY 10: (Editorial Use Only) (Exclusive Coverage) Beyoncé performs onstage during the opening night of the “RENAISSANCE WORLD TOUR” at Friends Arena on May 10, 2023 in Stockholm, Sweden. (Photo by Kevin Mazur/Getty Images for Parkwood)

Her exact takeaway after taxes from Renaissance: A Film By Beyoncé is unclear, but the movie brought in $27 million worldwide at the box office in its opening week. Afterward, Beyonce thanked her fans for their support in a candid post on Instagram. “I am so deeply thankful to AMC and every team member who worked so hard on this film,” Beyonce began. “I just can’t thank all of you enough for your support. It was one of the hardest things I’ve ever done because of the short turn around time. I practically slept in the edit, color, and mix sessions. The race against time continued in order to get this film out so quickly. But it was so worth all the grind. I am overwhelmed by the outpouring of love from my Hive. And WOW! I am so touched and encouraged by the incredible reviews!!!”

She continued: “While I’m often critical and feel my art is never finished, the pendulum swings. I feel gratitude. ‘We did it.’ We have the #1 movie in the country! And a [100 emoji] on Rotten Tomatoes. And it’s because of you and your support! I humbly thank you.” Be on the lookout for further updates on Beyonce on HotNewHipHop.

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Andrew Tate Claims To Be A Billionaire

November 23, 2023 by newhiphopnews

Controversial lifestyle influencer Andrew Tate has claimed on social media that he is a billionaire. Tate simply wrote “I am a Billionaire” on X on November 23. It’s a bold claim from a man who was recently valued at a net worth of around £10 million. That figure came from the Romanian officials who evaluated Tate’s assets as part of his ongoing trial for rape, human trafficking, and organized crime. The lavish lifestyle portrayed by Tate over the years appears to be almost entirely fabricated. Even Tate’s own lawyers admitted that the former kickboxing world champion “plays a character online”.

While Tate successfully had his house arrest lifted earlier this year, Tate still faces a litany of charges. Many of these relate to allegations that Tate was running a trafficking operation that forced young women into sex work. Tate, along with his brother, has denied all charges.

Cuba Gooding Jr Sued

I am a Billionaire.

— Andrew Tate (@Cobratate) November 23, 2023

However, someone else currently facing some serious legal trouble is actor Cuba Gooding Jr, who was served a sexual assault lawsuit this week. Jasmine Abbay accused Gooding Jr of “forcibly kissing her without consent” when she was working as a cocktail waitress in midtown Manhattan in September 2018. Meanwhile, Kelsey Herbert claimed Gooding Jr “groped her breast” at a different Midtown bar in June 2019. “Our clients were deprived of the justice they sought in the criminal case. They are now seeking justice and accountability in their civil cases”, said the plaintiffs’ lawyer, Gloria Allred. Furthermore, Allred has risen to prominence in recent years, representing clients in cases against Bill Cosby and Donald Trump.

The two women are seeking unspecified damages under the Adult Survivors Act. The act is a state law that lets women sue their alleged abusers beyond the initial statute of limitations for the crimes in question. However, the law is set to expire tomorrow. Other high-profile cases under this law include the recent suits against Axl Rose, Russell Brand, and Diddy. Gooding Jr previously pled guilty to a misdemeanor charge in Abbay’s case. However, the charge was later downgraded from “forcible touching” to simple harassment. Furthermore, in June of this year, Gooding Jr settled a lawsuit brought forward by an alleged 2013 rape victim.

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Rick Ross Is Confident That He Will Be Rap’s Next Billionaire

November 9, 2023 by newhiphopnews

Rick Ross is one of the biggest names in rap and for good reason. Overall, he has had a pretty legendary career up until this point. Furthermore, he has made a boat load of cash. There is no denying his money-making prowess. He has done big things in the world of real estate, liquor, and even the restaurant industry. Having said that, it seems obvious to say that the man has a pretty significant net worth. His wealth continues to expand, and although he may not be the richest rapper, he is certainly up there.

On Friday, Rick Ross will be dropping Too Good To Be True with Meek Mill. This is an album that fans have been waiting on for a long time. Overall, this is going to be a massive album, and we cannot wait to listen. In the midst of this release, however, the rap mogul does seem to be focused on getting his money up. In a new video on his Instagram story, Rick Ross explained how he plans to be hip-hop’s next billionaire. In fact, he believes he can get that done as early as next year.

Rick Ross Weighs In

“We racin’ to a billion, n***a,” Ross said. “I’m a year away. I’m a year away. Let’s go, baby!” While it may be difficult for him to do, it certainly isn’t impossible. Ross has been making a ton of investments, and he wants to continue to do so. If those investments hit like he believes they will, then he will be well on his way to that billionaire status. Hopefully, for his sake, he is able to accomplish that goal on time.

Let us know if you think Rick Ross can become a billionaire next year, in the comments section below. Additionally, stay tuned to HNHH for the latest news and updates from around the music world. We will always be sure to keep you informed on all of your favorite artists.

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Diddy Remembers What Helped Him Become A Billionaire: “I Think About It Every Day”

November 2, 2023 by newhiphopnews

Diddy is in rare air in the hip-hop industry. He is one of just a handful of rappers to achieve reaching billionaire status. The rapper and music mogul accomplished this feat back in late October of 2022. This really cements him as one of the greatest visionaries in the genre. Diddy was able to do this through tons of different business avenues. Those include his Bad Boys record label, his joint efforts in the alcohol business, his alkaline water line, and plenty of others. He touched on this in a recent Jimmy Kimmel Live! interview.

In addition to his wealth, the rapper talked about a hilarious but serious experience with a crazy psychedelic. He also recalled some crazy things he did as a kid to make any sort of money he could. “Look you have to understand me, I’m self-made. I come from just putting two quarters together, $2 together, I was a paperboy when I was 12.” He continues, “Wasn’t even allowed to be a paperboy, I was running a paperboy scam, you know what I’m saying, so I was delivering papers for paperboys and I was splitting the money with them.”

Diddy Recalls The Grind During His Childhood

On top of that, Diddy was also cleaning bathrooms in New York during the heatwaves, as well as painting homes. All of this he says was very fulfilling. “Work hard, you get what you deserve, and I’m blessed to have had people support me.” Because of this, he always thinks about how far he has come. “I think about it every day.” He should and it cool to see him to continue to win every day.

What are your initial thoughts on Diddy always thinking about his billionaire status even a year later? Is he the biggest musical icon of all time? Does Diddy have any other larger accomplishments than this? We would like to hear what you have to say about all of this. With that in mind, be sure to leave all of your thoughts and opinions in the comments section below. Additionally, always keep it locked in with HNHH for all of the latest breaking news around Diddy, as well as everything else going on around the music world.

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Magic Johnson Just Became A Billionaire, Here’s How

October 30, 2023 by newhiphopnews

Magic Johnson is one of the greatest players in the entire history of the NBA. Overall, he won five NBA titles with the Los Angeles Lakers, and he continues to be praised for the amazing legacy he left. However, Johnson is not done building that legacy. He has become quite the businessman in recent years. He has numerous investments and is involved with numerous sports teams. According to Forbes, Johnson is officially a billionaire, which is something that previously didn’t seem possible.

Of course, fans are now wondering how Johnson was able to make this happen. Well, he has numerous endorsements, which certainly helps. Furthermore, he has minority stakes in teams such as LAFC, the Washington Commanders, the Los Angeles Sparks, and even the Dodgers. Perhaps his biggest claim to billionaire status, however, is his 60 percent ownership in EquiTrust. The life insurance company has been extremely successful, and in turn, Magic has raked in the profits.

Magic Johnson Gets A New Achievement

LOS ANGELES, CA – OCTOBER 27: Magic Johnson Enterprises Chairman and CEO Magic Johnson speaks onstage at the SUPERCHARGED Summit By Kwanza Jones At NeueHouse Hollywood on October 27, 2018 in Los Angeles, California. (Photo by Jesse Grant/Getty Images for SUPERCHARGED)

Interestingly enough, Johnson is actually worth a bit more than just $1 billion. As it stands, Forbes is listing his net worth at a total of $1.2 billion. Overall, that is a truly incredible mark. There are a few athletes who have reached this mark, including LeBron James. That said, it is cool to see someone with the cache of Magic get there, as well. We are sure he is going to be celebrating for quite some time.

Be sure to let us know what you think of this development, in the comments section below. Did you think Magic would ever achieve this? Additionally, stay tuned to HNHH for the latest news and updates from around the sports world. We will always be sure to bring you the biggest news from all of your favorite athletes.

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SOURCE SPORTS: Magic Johnson Joins Billionaire Athlete List

October 30, 2023 by newhiphopnews

Magic Johnson Joins Cameo's Board of Directors and Talent Roster

Add Magic Johnson to Billionaire’s Row. The NBA Hall of Famer and elite businessman has become the fourth athlete to become a billionaire, according to Forbes. Magic Johnson’s net worth is projected at $1.2 billion.

Magic’s net worth comprises his portfolio of sports team ownership, including the Los Angeles Dodgers, Los Angeles Sparks, and the Washington Commanders. According to TMZ, he also owns 60% of EquiTrust life insurance. Additional business moves involve a Starbucks partnership and a PepsiCo bottling plant outside of D.C.

The other billionaire athletes are LeBron James, Michael Jordan, and Tiger Woods.

The post SOURCE SPORTS: Magic Johnson Joins Billionaire Athlete List first appeared on The Source.

The post SOURCE SPORTS: Magic Johnson Joins Billionaire Athlete List appeared first on The Source.