Chris Lighty Net Worth | Celebrity Net Worth

What was Chris Lighty's fortune?

Chris Lighty was a musical manager and record producer who had a net asset of $ 10 million at the time of his death, co-founder of Chris Lighty, a management company and record label that represented many large hip-hop and R&B artists. The company's customer list included names such as 50 cent, papoose, Busta Rhymes, Missy Elliott, LL Cool J and Q-Tip.

His genius was in the realization that hip hop was more than music – it was a lifestyle brand with a massive commercial potential. Lighty was a pioneer in the practice of structuring confirmation qualifications to include equity and set a new template for artists in order to become an entrepreneur. The best known is that he orchestrated 50 Cent's pioneering vitamin water deal, which brought the rapper 100 million US dollars. Behind the scenes, Lighty was an accomplished negotiator, tireless cough and a trustworthy mentor for the artists he managed. Although his life was tragically shortened in 2012, Lighty's legacy continues to influence the way artists approach the business in the entertainment industry.

Financial problems

At the time of his death in August 2012, Lighty reported on considerable debt. According to various media reports (including information from court documents and law enforcement agencies), Lighty owed the IRS back taxes of around $ 330,000. Some sources suggested that the IRS had submitted the basic lien against him, although these basic lien may have been just included or contested.

Apart from the IRS, there were rumors that Lighty had accumulated additional debts to business partners or creditors, although they were not publicly detailed like their tax problems. Some reports claimed that in the months before his death he might try to liquidate assets or to restructure his finances.

Despite these reported debts, many people who were Lighty – including 50 cents and Russell Simmons – near the suicide regulation, were partly because they believed that he was financially stable or at least actively worked on his challenges. At that time he still headed a valuable list of artists and was involved in several larger offers.

Lighty also had marriage problems with his wife Veronica at the time of his death. According to reports, they had been separated and reconciled several times. Some reports indicate that financial burdens were a factor for the tension between them. Veronica initially claimed that he had not committed suicide and questioned the decision, even though the medical examiner officially decided him as such.

Early life and education

Chris Lighty was born in Darrel Steven Lighty in the Bronx in 1968 and grew up in the heart of Hip Hop's place of birth. He grew up in a hard residential project and earned the nickname “Baby Chris”, while in the early days of the genre he made errands for DJS and crews. His big break came when he came to Rush Artist Management and was founded by Def Jam co-founder Russell Simmons. There he gained first -hand experience in artist development and industry policy.

Beginnings

Lighty started his career next to the music industry and wore vinyl record boxes for Kool DJ Red Alert. He later entered Russell Simmon's company ruscist management.

Violator

In 1996 Lighty was the administrative company and record label injuries with Mona Scott-Young. He named the company after the gang to which he once belonged in the Bronx. Duplication became a big name in the hip-hop and R&B music world and directed customers such as 50 cents, LL Cool J, Busta Rhymes, Missy Elliott, Q-Tip, NAS, Papoose and many others. In 1999 the company published its first compilation album of material from its artists entitled “Violator: The Album”. The album contained the hit single “Vivrant Thing” from Q-Tip. A second compilation album, “Violator: The Album, V2.0,” was published in 2001; It contained the single “What it is” by Busta Rhymes and Kelis. Beyond Music also worked on the action film “Full Clip” from 2004, Busta Rhymes and Xzibit and the 2005 Shooter video game “50 Cent: Bulletproof” from 2005 the third-person shooter shooter.

Lighty was called music manager and manager by the New York Times “one of the most powerful figures in the hip-hop business”. He helped land to land his first gaps in 1997, and also secured lucrative confirmation transactions between Diggy Simmons and AT&T, Busta Rhymes and Mountain Dew as well as a tribe called Quest and Sprite. In 2002 Lighty and Chicago DJ Scrap Dirty formed the amplifier Allstar DJs. Later, in 2004, Lighty appeared when he himself in the EA video game “Def Jam: Fight for Ny”. In 2011 he introduced amplifiers with the Primary Wave of Musikverlag and Talent Management Company.

(Photo by Johnny Nunez/Wirmage)

The 50 -cent partnership and the vitamin water business

Chris Lighty's most famous business step came through his 50 -cent management. After the release of “Get Rich or the Tryin '”, Lighty knew that they had a limited window to benefit from the dynamics of the 1950s. Instead of focusing exclusively on music, he was looking for opportunities with a long -term upward trend.

The turning point came when Lighty took a sip of vitamin water for 50 cents at the end of a Reebok commercial. This strategic moment attracted the attention of the Brand Manager of Glacéau, Rohan Oza, the Lighty and 50 in Queens to the headquarters. The result was a groundbreaking deal: a confirmation fee of $ 5 million plus a reported participation of 5% in society. When Coca-Cola acquired Glacéau for $ 4.1 billion in 2007, 50 cents shares brought him a rumored payday before taxes of $ 100 million a few more than made music.

It was a master class in branding and deal making, and it changed forever how artists approached fororsement partnerships.

Other efforts

Under his other efforts, Lighty had stints for the record labels Def Jam, Jive and Loud Plates. He was also CEO of the Brand Asset Group. In 2004 Lighty was responsible for the largest contract agreement between 50 cents and vitamin water. The deal paid large dividends when the parent company of Vitamin Water was bought by Coca-Cola for $ 4.1 billion in 2007.

In 2009 Lighty joined the Purista Advisory Board, a manufacturer of Premium Cocktail Mixers. He helped execution the company's strategic marketing campaigns. A few years later, Lighty started the website PleaselistentoMydemo.com, which was intended for young artists to present their music top executives in the music industry for a small fee for the managers. The website was finally closed.

Private life and death

With his wife Veronica, whom he married in 2003, Lighty had a daughter and a son. He had four other children from previous relationships. In 2011 Lighty's wife submitted a divorce, but she supposedly withdrawn her later.

On August 30, 2012, Lighty was found dead on his terrace in the Bronx with an apparent self -indebted firing wound. Next to his body was a 9 -mm gun at the scene. Many of the prominent friends of Lighty asked whether the incident was actually a suicide.