DMX is an American rapper who rose to fame in the 1990s. He previously enjoyed a successful career in the music industry, selling more than 70 million albums throughout the world. We recently learned that his net worth is an incredible negative $10 million. How did an artist who was on the top of the world plummet so far down in his finances after making multiple millions of dollars? We looked into his career and history and here is what we discovered.
|Net Worth||$10 Million|
|Born||Mount Vernon, New York|
|Birth Date||December 18, 1970|
|Source of Wealth||Rapper, Song Writer, Actor|
Early years and career
DMX was born in December of 1970, in Baltimore, Maryland, and his parents named him Earl Simmons. He’s a native of Yonkers where he grew up after his parents relocated. His hit single “Party Up” hit the charts in 1999, followed by “Ruff Ryders’ Anthem,” ‘X Gon’ Give it to Ya,” “Where the Hood At?” and What’s My Name?” He’s credited with the release of seven studio albums, many of which sold millions of copies. DMX also landed several movie roles and an autobiography of the artist was also released. He’s an American Music Awards winner and he’s received five MTV Music Video Awards as well as three Grammy Award nominations. He also appeared in a cameo for the film “Top Five.” DMX also built up a significant following of fans overseas. He’s performed on stages all over the world where his hip hop style of rap has been a top favorite of fans throughout the world.
How did he lose his fortune?
DMX fell behind in his child support payments and is rumored to owe a whopping $1.24 million in back child support payments. This is only one of the massive amount of debt that the rapper has amassed. He filed for bankruptcy protection towards the end of July in 2013, with a Manhattan court. When listing his assets, it was revealed that the artist only has an estimated $50,000 worth, and he owes somewhere between $1 to $10 million in debt. His delinquent obligations are spread out among a variety of creditors. DMX has retained an attorney to represent him in the matter and the representative stated that DMX is in the process of turning his financial situation around.
Complications and limitations
Due to the large amount of debt that the rapper has amassed, there have been restrictions set in place which prevent him from acquiring a passport, and this is going to be the case for several years. The purpose of the bankruptcy is so DMX can restructure his debts in a manner that will allow him to regain the right to a passport so he can travel overseas and begin performing where he has a huge fan base. This will help him to generate the income that he needs to satisfy his debts and get back on track financially.
In addition to teh debt that DMX owes for child support and to various creditors, he was also found guilty of tax fraud in the amount of $1.7 million. He was charged with fourteen counts in 2017. DMX was found guilty of at least some of the charges and in March of 2018, he was sentenced to spend one year behind bars in prison for the crime of tax evasion. He was remanded to prison where he served his sentence and he was released a little early in January of 2019. At that time, his debt to the IRS was still a large sum which amounted to $2.3 million. DMX is making monthly payments to the IRS and they are garnishing his income until the debt is paid in full.
How DMX came to this
We learned that Earl Simmons has encountered a series of negative experiences from the time that he was a child. He was brought up to have faith, and we still see this evidenced in his music, but he grew up in Yonkers, and while Earl was still quite young, his father left him and his mother. There are reports that he experienced a chaotic and violent childhood as his mother was alleged to be abusive. Earl spent a lot of time surviving to the best of his ability out on the streets, and in occasional group homes. When he was a teenager, Earl had a lot of run-ins with the law, and his life was filled with violence. There were also drugs and alcohol use to blame for his problems at such a young age. Earl spent time in and out of prison because of the lifestyle that he was living. Salvation came for him through his passion for hip hop. He became a DJ and then moved on to rap music where he made several fortunes in the rap scene.
DMX has found himself in a difficult position, but it’s not impossible for him to dig himself out of this financial jam. The bankruptcy will allow him to restructure his debt and move forward with his career. As soon as he is able to return to performing overseas where his largest fan base is, more income will begin to flow. He’s served his time and if things go right for the rapper, he has a good chance of recovering from the ill-fortune that has beset him and through wiser choices, he has a good likelihood of making enough money to repay his debts and get back on his feet, but it’s going to take a long time, and he’ll need the support of all his fans throughout the world. We wish DMX the best of luck and good fortune as he starts with a debt load of approximately negative ten million dollars. He’s learned a lot along with the way and if he can find his way back to the audiences who are anxiously awaiting his return, we see a better future ahead for him.