Damon “Dame” Dash has filed for bankruptcy, citing more than $25 million in debt and a net worth of only $4,350, according to court documents.
Dash, who co-founded Roc-A-Fella records with Shawn “Jay-Z” Carter and Kareem “Biggs” Burke in 1994, has spent years going all in on several business ventures, pledging to remain fully independent and Black-owned, but it may have caught up with him in a major way.
According to PEOPLE, the former mogul is in debt to the tune of $19.1 million to the IRS and also owes an additional $647,000 in “support obligations.” Dash also owes thousands in child support to his ex-wife Rachel Roy as well as former partners Cindy Morales and Linda Williams.
Dash has been in an ongoing contentious battle with several of his former partners, both professionally and personally, over the years but it seems like he’s ready to move on with a fresh slate after his bankruptcy filing. The music executive and serial entrepreneur posted the news headline of his financial troubles with the caption, “Now lets get to work #staytuned,” seemingly pointing to this being simply a bump in the road.
Here’s to hoping it’s only up from here as he claims his monthly income is $0, and said he does not own a house, car, or any electronics, save for his $500 cell phone, according to PEOPLE. He hasn’t shied away from talking about his financial struggles and as made it clear that he feels it’s just the price of betting on yourself.
Somebody asked me how I got so broke. Investing in my dreams. When you’re investing in your dreams and you dream big, you’re always gonna be broke,” he said.
Dame has also recently been battling health issues as he posted a thank you to those who checked on him during his recovery from successful teeth and eye surgeries, alongside a photo of himself with his youngest son. It’s no secret that the former mogul has expressed his eternal disdain for his one-time friends turned business partner turned enemy, Jay-Z, but it is also alleged that he’s owed an “unknown” amount from Burke.
Dash has also found himself in a war of words with his former Dipset artist, Cam’Ron, with whom he once shared a close bond, about the fallout of their relationship. And no one can forget the way he pulled up on Empire creator Lee Daniels to demand the money he allegedly lent to create the show.
All music beef aside, Dame’s biggest foe may be the New York State government, which bought his shares of the now-defunct Roc-A-Fella Records for $1 million in an effort to recoup the $9 million he owes in taxes.
