August 22, 2024
Damon Dash Admits To Being Broke, Explains Why
'When you’re investing in your dreams and you dream big, you’re always gonna be broke.'
Roc-A-Fella Records Co-Founder Damon Dash has recently taken to social media to explain why he is “broke” these days. After being one-third of the successful entity with partners JAY-Z and Kareem “Biggs” Burke, that question has been looming among hip-hop enthusiasts.
With an upcoming auction taking place in New York City on Aug. 29 to sell off Dash’s 33.3% stake in the label to satisfy a $823,000 judgment owed to movie producer Josh Webber, Dash reposted a video clip of him explaining why he went broke after the success he has had over the years. He expressed that investing in his dreams is why he is in his current situation.
“Somebody asked me how I got so broke. Um, investing in my dreams. You know, when you’re investing in your dreams, and you dream big, you’re always gonna be broke. You’ll have a lot of s**t, but I don’t have no money for nobody else if that’s what you call broke. That’s what it is. Either way, I’ma get with y’all. Stay tuned. I’m curious to see how it all rolls out.”
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A judge ordered the auction after Dash made no payments toward the judgment against him from the Webber lawsuit. Webber previously won a defamation and copyright infringement lawsuit after a dispute over the 2016 film Dear Frank. JAY-Z and Biggs objected to the ruling, citing the company bylaws that mandate approval from the board of directors to sell off shares. U.S. Magistrate Robert W. Lehrburger ignored their plea and ruled that Dash’s one-third ownership of Roc-A-Fella is personal property that can be seized to satisfy the judgment against him.
The auction will possibly help Dash satisfy another debt. The New York City Department of Social Services (NYCDSS) will collect money owed to them before Webber can get any cash for his judgment. The entertainment executive owes $145,096 in unpaid child support to Rachel Roy for his two daughters and to Cindy Morales for his son.