Fat Joe recalls how his followers made him lose $2 million

Fat Joe is widely known for hits like Lean Back, All the Way Up, and What’s Luv? His career in the music industry started in the early 1990s, and he has released 10 solo albums besides appearing in various films, such as the 2018 Kevin Hart comedy Night School.

Since jumping into the music industry, Fat Joe has described his career as “resistance” because he never gave up on anything. “I’ve had hit records in three different decades,” he told Forbes. “And so, resistance comes to mind the most because I would never give up.”

While successes have marked his journey in the music industry, his management style during his early stages resulted in him losing $2 million. The 53-year-old told Forbes that he surrounded himself with so many people daily, including more than 30 people whose expenses he paid.

In the music industry, it is common for artists to surround themselves with people who perform different roles for them. However, this cost Fat Joe $2 million.

He recalled that in the early 2000s, a CFO representing a company wanted to reach him for a deal to promote a beer company. The representative had a check for $2 million with Fat Joe’s name on the “pay-to-the-order-of” line.

However, the offer never made it through to him because some of the hangers-on blocked the executive from presenting the check, he said. “We fall into this trap all the time when we try to help everybody, and it’s detrimental to you and your finances,” Fat Joe told Forbes.

He made this shocking revelation while promoting a men’s haircare line that he supports called Rewind It 10. Celebrities such as Taylor Swift’s boyfriend and NFL tight end Travis Kelce, entertainer DJ Khaled, singer Tank, and model Tyson Beckford also support the brand founded by Carolyn Aronson, a 2023 Forbes 50 Over 50 lister.

According to him, his partnership with Rewind It 10 is an equity deal for partial ownership of the company. “I’m into ownership,” he said. “It’s all about the entrepreneurs, and you take matters into your own hands.”

According to Forbes, the partnership expands his business portfolio, which already includes three sneaker stores in New York City, UP NYC, authorized to resell Nike and Michael Jordan brand shoes.