Famed music executive Steve Stoute, who's been credited with the marketing genius behind Jay-Z & Lady Gaga's major success, chopped it up with Business Insider to talk about his rise to the top and previous altercation with Diddy. As legend goes, Diddy marched into Stoute's office and struck him with a champagne bottle for not editing him getting nailed to a cross out of Nas' "Hate Me Now" video.
"We got in a fight when we were kids, and it's funny that it still comes up, years later. We were millionaires at 26 years old."
Stoute also weighed in on why he thinks so many athletes and entertainers lose all their money.
"That's [something] that people put on athletes, or rappers, and primarily African-American overnight millionaires...But the truth of the matter is, when you grow up in life and you're poor, and because you're an athlete or you got rich overnight in music, unless you have access to financial advice or for the transition or matriculation of that process, then of course, you're going to go broke."
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