Dame Dash has quite the simple explanation for why he’s been describing himself as “broke” in recent years.
The music mogul’s finances have been an ongoing topic amid multiple lawsuits and child support issues. In January, Dash asked the court to lower his child support payments to $428 a month, alleging that’s all he can afford due to “struggling business ventures.”
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He also claimed he only made $5,140 for all of 2022, adding that the COVID pandemic significantly affected his income and he’d yet to bounce back.
Earlier this month, it was reported that his stake in Roc-A-Fella Records will be auctioned off to satisfy an $823,000 debt to movie producer Josh Weber, who successfully sued him for copyright infringement and defamation over the 2016 film Dear Frank.
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Speaking on Instagram Live on Tuesday (August 20), Dame explained that his financial situation is a result of dream-chasing, though he insinuated that his money is fine — he just doesn’t plan to give it to anyone else.
“Somebody asked me how I got so broke. Investing in my dreams,” he said. “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 shit, but I don’t have no money for nobody else. If that’s what you call broke. But that’s what it is.”
Earlier this week, Dame Dash taunted his longtime rival JAY-Z ahead of the sale of his one-third ownership in Roc-A-Fella.
Speaking on Instagram Live, the embatttled mogul discussed the upcoming auction and said he’s curious to find out just how “deep” the Brooklyn billionaire’s pockets really are given Hov has right of first refusal as the company’s co-founder.
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“I don’t expect anyone, just some average person, to come buy it — or a third of it, my third. I don’t wanna get sued again,” he said. “I know, for some reason, nobody wants me to sell it, but I’m ready to just move on, do my thing.
“I had a lawsuit, I had a judgement, and I’m like, ‘Yo, that’s 800 grand. Go get it from over there. They not paying me neither!’” he added, referencing the money he owes Josh Weber.
“So, they went and did the work for me [to] paid that debt and I’ll be able to sell it. It all worked out for me. I’m sure there’s a little twist they put on things. I don’t know why. I do know why, but I don’t know why. I don’t know why about one thing, but I do know why about the other.”
Dame then turned his attention to his former business partner, saying: “They had some bum-ass board meeting and all of a sudden he gets first right of refusal. I don’t really care. It don’t slow nothing down for me.
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“Now I don’t know how deep homie’s pockets is. I’m curious if he’s gonna match that. I put an offer on the table, lemme see if he’ll match it. But it was from other people.”
Dame’s shares will be auctioned off by the federal government on August 29 to satisfy his six-figure debt to Weber. The minimum bid cannot be less than $1.2 million in order to cover this amount and then some.
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In recent days, Dash has attempted to up the ante by offering the winning bidder an original Roc-A-Fella chain — but only if they cough up more than $10 million for his shares.
