With a net worth of around $550 million, Diddy has been picked by Forbes as the front runner to become hip-hop’s first billionaire. However, the Bad Boy CEO does have competition. Jay-Z ($450 million), Dr. Dre ($250 million),Birdman ($110 million) and 50 Cent ($100 million) are all in the running. Birdman thinks he will beat Diddy to the Forbes 400 list, “I think Young Money Cash Money would be the first billion-dollar brand in hip-hop,” said Birdman in an email message to Forbes. “We strong and growing every day as a brand and fast. Within the next few years we will be billionaires.” Meanwhile 50 Cent sees Hov as his main competition. He told Forbes’ Zack O’Malley Greenburg, that he and Jay-Z use each other for motivation. ”We use each other,” 50 explained. “If you’re in a category, you have to find someone you respect enough to consider a competitor. And then you use each other in positive ways. They make a good move, you make a good move. If there’s nobody for that, then there’s no inspiration.“ 50 did concede that Jigga has an unfair advantage, ”He cheated,” 50 said, grinning. “See, he hired this girl …“.

Jay-Z pulled in $63 million over the past 12 months, earning him his second straight hip-hop cash crown. His income level places him in the 35% tax bracket, which means he’ll pay Uncle Sam about $22 million this year–a sum greater than the total earnings of any other rap star besides second-ranked Diddy.

1. Jay-Z – $63 Million (Crazy thing is Beyonce makes even more with 87 million)
2. Diddy – $30 Million (Take that, thake that)
3. Akon – $21 Million (Lady Gaga money must be looking nicccceee)
4. Lil Wayne – $20 Million (Don’t let Carter 3 producers see this)
5. Dr. Dre – $17 Million (Beats By Dre money?)
6. Ludacris – $16 Million (Theater of the Mind and Battles of the Sexes did their thing)
7. Snoop Dogg – $15 Million
8. Timbaland – $14 Million
9. Pharrell – $13 Million
10. Kanye West – $12 Million
11. Drake – $9 Million
11. T.I. – $ 9 Million
12. Swizz Beatz – $9 Million
14. Eminem – $8 Million
14.50 Cent – $8 Million
14. Young Jeezy – $8 Million
17. Common – $7 Million
18. Soulja Boy – $7 Million
18. T-Pain – $7 Million
20. Lil Jon – $5 Million
20. Gucci Mane – $5 Million

Rapper Shyne born Jamal Barrow was scheduled to be released from prison Tuesday (October 6) after serving more than nine years of a 10-year sentence in connection with the 2001 Club New York shooting involving Diddy and Jennifer Lopez.

But his release is now under review, as representatives for the rapper revealed to MTV News that the Brooklyn MC is being detained by U.S. Immigration and Customs Enforcement at an unspecified facility in Western New York State. Officials are determining whether or not to deport the rapper, who was born in Belize, a rep explained.

Shyne reported to court last month for a parole hearing and was granted a two-and-a-half years post-release supervision ruling upon leaving prison.

“It’s a blessing that he’s coming home,” Puff told DJ Absolut in an interview over the weekend. “I spoke with him a couple weeks ago. He sounded like he was in good spirits. I know he can’t wait to get home. And I know he’s definitely gonna heat the whole scene up. He’s definitely gonna do it, you know what I’m saying, he definitely was one of the most talented young artists that I had the pleasure to work with so I’m quite sure he’s been using his time wisely and I’m quite sure he has some heat.”

If Shyne will be one stupid mother fucker if he returns to Bad Boy after diddy left him hanging all these years.

Diddy will end his exclusive deal with Warner Music Group/Atlantic Records at the end of September. The music mogul confirms his exit from the record label to Billboard. “Now that the term of the Warner deal has ended, I have elected to accept an opportunity to move my recording career and future label venture to another company,” Diddy says in a statement.

Notwithstanding his exit from Warner Music, the joint venture that Diddy has with the company for the current roster and catalog of his Bad Boy label will remain in place.

There is a rumor going around saying that Chris Brown and Amber Rose got it in at the White Party: Sources are saying that they were all over each other the whole night. Amber was consumed with him and wouldn’t let him out of her sight. They eventually were seen on the dance floor kissing, then shortly after that, they were spotted on the patio bumping and grinding. No one knows what happened after that because they vanished.

Combs confirmed the name of the follow-up to 2006′s last album ‘Press Play’, during an episode of his MTV show Making The Band 4.

Diddy has worked with T-Pain on the LP and he’s described the pair’s time in the studio. “T-Pain gave me permission to use the vocoder, the Auto-Tune, and he showed me various tricks that nobody knows but him and myself.”

Dawn Richard (formerly of Combs’ old band Danity Kane) is also said to be starring on ‘Last Train To Paris’.

The hip-hop mogul is also rumored to be working on two other projects – acting as producer for actor Joaquin Phoenix as he attempts to launch a rap career – and working on the debut album by X Factor winner Alexandra Burke.

Forbes Releases “Hip-Hop’s 20 Biggest Earners” Of 2008

1. Curtis “50 Cent” Jackson: $150 million
2. Shawn “Jay-Z” Carter: $82 million
3. Sean “Diddy” Combs: $35 million
4. Kanye West: $30 million
5. Timothy “Timbaland” Mosley: $22 million
6. Pharrell Williams: $20 million
7. Kasseem “Swizz Beatz” Dean: $17 million
8. Calvin “Snoop Dogg” Broadus: $16 million
9. André “Dr. Dre” Young: $15 million
10. Christopher “Ludacris” Bridges: $14 million
11. Clifford “T.I.” Harris: $13 million (tie)
12. Dwayne “Lil Wayne” Carter: $13 million (tie)
13. Marshall “Eminem” Mathers: $12 million (tie)
14. Lonnie “Common” Lynn Jr.: $12 million (tie)
15. Aliaune “Akon” Thiam: $12 million (tie)
16. Jermaine Dupri: $11 million (tie)
17. Jonathan “Lil Jon” Smith: $11 million (tie)
18. OutKast: $10 million (tie)
19. Hakeem “Chamillionaire” Seriki: $10 million (tie)
20. Jayceon “The Game” Taylor: $10 million (tie)

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