Master P Pled Guilty to Tax Violation in 2004 — What Happened to His Masters?
A record label founder and the manager representing Blueface, The Game, and others made explosive allegations about "Ice Cream Man" rapper Master P during an appearance on Clubhouse.
As Wack 100 (aka Cash Jones) alleged, Master P lost control over his song copyrights nearly 20 years ago. Wack 100 then went on to claim that Master P is broke. What's the truth? Does Master P own his masters? What's his net worth in 2022?
According to Wack 100, Master P doesn't own his masters. What's the truth?
"First of all, he don't own his masters. They took them 18 years ago. You think this [n-word] be selling noodles? The feds took his catalog, bro," Wack 100 said during an appearance on Clubhouse. "Nick Cannon got real money, for real. Real, real money. I'm like, 'How is [Master P] talking to this [n-word] about what he doing and you ain't nowhere in place, my [n-word]."
"You can’t even stand with this man on a bad day," he added. "Who is you, bro, to be telling this [n-word] about his business decisions and your business decisions ain't been right for damn near 20 years!?"
In 2004, Master P pled guilty to tax violation after failing to file a corporate tax return for one of his ventures, Bout It Incorporated.
By that point, Master P oversaw several business projects, including No Limit Records, the popular record label that grew out of a record store he and his then-wife, Sonya Miller, founded in Durham, Calif. Wack 100 was likely alluding to the supposed outcomes of the legal proceedings that took place back in 2004.
Unfortunately for fans, further details about the case are hard to come by. It's uncertain if Master P lost his masters like Wack 100 now says. For what it's worth, Master P was also hit with a tax lien in 2018. According to a rumor, he was reluctant to pay $1.5 million in tax debt.
Master P used $10,000 to build an empire.
Born in New Orleans, La., in 1967, Master P had his first breakthrough in February 1991, with the release of "Get Away Clean." International success soon followed, with Master P treating his fast-growing fan base to hit records like "The Ghettos Tryin to Kill Me!" and "99 Ways to Die."
By the end of the 1990s, Master P established himself as one of the most prolific rappers out there. He initiated collaborations with the likes of Tupac.
Master P opened the record store No Limit Records using the $10,000 he inherited from his grandfather.
Is Master P broke? What's his net worth in 2022?
One of the best-known rapper entrepreneurs out there, Master P has proven time and time again that he is well-equipped to make undisputable business decisions and turn around a handsome profit.
Frequently described as one of the most affluent rappers, Master P was estimated to have a $200 million net worth in 2021. Unless he burned his way through all of the money — which would require considerable effort — he likely ranks far above Nick Cannon, who is sitting on an estimated $30 million.