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Russell Simmons sells Rush Card to Green Dot for $147 million and releases statement addressing the deal [PHOTO]

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Russell Simmons sells Rush Card to Green Dot for $147 million and releases statement addressing the deal [PHOTO]

By Stranga The Great
Hip Hop Vibe Staff Writer

If it wasn’t for Russell Simmons, there would be no Dr. Dre, L.A. Reid, Andre Harrell, Jay Z, and Diddy. What he did with Def Jam, and the success he achieved, led to many other hip hop execs of his ilk. Since then, Russell Simmons has transitioned his position.

Russell Simmons long ago sold Def Jam and went on to be a founding partner of Global Grind. He has since sold to Radio One, freeing up his time as a philanthropist. Outside of that, he has the Rush Card, and his books.

This morning, news broke of Russell Simmons selling the Rush Card to Green Dot, the biggest prepaid card in the world. The deal is somewhat surprising, seeing how Russell Simmons often preaches of black finance and ownership. Perhaps sensing that very question, Russell Simmons released a statement on the matter.

Read Russell Simmons’ statement below:

Follow Stranga The Great on Twitter @StrangaTheGreat.

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