What is Scooter Braun's net worth? Music exec sued for $50M by former Goldman Sachs partner over 'fraud'
Scooter Braun has found himself in another public spat, only this time in the form of a lawsuit. The music executive, known for managing artists like Ariana Grande, Justin Bieber, and Demi Lovato, has been slapped with a $50 million lawsuit for getting a Goldman Sachs partner to join his firm with "false promises". Reportedly, Braun sought to rope in Peter Comisar to help launch Braun's investment firm, Scope Capital Partners.
Braun made headlines in 2019 after a very public clash with Taylor Swift. That has only gotten worse, after Braun released an album in 2020 of Swift's live performances, without her permission. In January 2020, he again made headlines after revealing he thought Bieber "was going to die", due to his rampant drug addiction. While the feud with Swift clearly isn't going away any time soon, Braun's private equity businesses seemed to have harmed another person -- Comisar, who like Swift isn't taking it lying down.
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Comisar is seeking $50 million in compensatory damages, which is indeed a very large sum. Can Braun afford to pay it if he loses? That's the big question people have begun asking. The answer though, may not surprise you.
What is Braun's net worth?
Celebrity Net Worth puts Braun's fortune at a massive $400 million. That's a massive amount for a 39-year-old, but it didn't come easy. Braun amassed the fortune from years of hustling, turning a side gig of parties into a full-time career, before becoming the music mogul he is today. To understand how he made $400 million, you need to go all the way back to Braun's time at Emory University.
While studying at the Georgia university, Braun made a name for himself arranging parties, but not your typical frat house parties. He arranged parties at some of the biggest clubs around town and even managed to get local hip-hop artists to perform. One article noted that "as his parties got more popular, and Braun learned the ins and outs of the business, profits soared. By the end of his freshman year, Braun estimates that he was making $5,000-$10,000 from every party."
Eventually, rapper Ludicras tapped Braun to organize parties during his Anger Management Tour 2002 with Eminem. That gig led to a marketing job at So So Deaf, which only opened more doors. In 2006, he discovered Justin Bieber and turned to music management full time. Eventually, he formed Ithica Holdings for all his different ventures, but management still remains his core area of expertise.
In 2014, Braun dropped $13.1 million for a mansion in Brentwood, California, and another $18 million on a property next door in 2020. Braun also owns Big Machine Records that he bought for around $300 million. That, combined with the value of Ithica has led to a net worth of around $400 million, so $50 million in compensation isn't something too big for him to cough up.
Braun sued, calls suit 'unlawful'
Comisar is suing Braun for failing to uphold his end of the bargain. According to reports, Braun began courting Comisar in 2016 to join Scope Capital Partners. Braun claimed that he was raising funds from titans like Jimmy Iovine, David Geffen and the Soros family. "Braun, by all outward appearance, was the real deal," the lawsuit said. "But when it came time to secure funding from his high-powered pals, he turned out to be a 'sheep in wolves clothing'."
Braun reportedly executed contractual commitments, even though he hadn't got any of those names on board yet. No one was willing to invest in Braun's venture leading him to double-deal behind the scenes, added reports. Comisar's suit alleges Braun was attempting to get private equity titan Carlyle Group to invest in his Ithaca Holdings. But that deal came into direct conflict with Scope's strategy, leading to the contact with Comisar being nullified.
By April 2018, Braun reportedly stopped paying Comisar's $3 million-a-year salary and stopped funding Scope. Comisar also alleged that Braun's business partner David Bolno threatened him. Bolno allegedly told Comisar that if he decided to go after them for breach of contract, “Braun would trash Comisar’s pristine reputation” and “ruin him financially,” said the lawsuit.
Braun has sued Comisar in return, calling the suit a "money grab". Braun claims in his suit that "Comisar is an opportunist who failed to deliver the success that he promised Braun." He has dubbed Comisar's suit "unlawful, extortionate, and opportunistic" and is hoping the court can force arbitration under Scope's contract.