Alex Ojjeh $50 Million in Debt
On the off chance you missed it, Alex Ojjeh, who adorns his four-year-old daughter in Burberry and has on posted on social media on private planes, brags about the money he has is $50 million in debt.
While this debt is a brutal reflection his corrupt business choice, shady business deals a criminal trial sent Ojjeh into debt. Despite only getting three months of house arrest, Ojjeh learned it wasn’t over the hard way. In December 2020, all of his bank accounts were frozen, which then remain closed several months later. Add to that however much it cost to live, he has two homes in Tennessee alone, several businesses marketed to funding. His collaborations with businesses worldwide will not take losses.
Ojjeh owns 50% of AOC Partners and gets a percentage of AOAM, Ojjeh had a net worth of $40 million in 2020. Those numbers sound nice, but the trial ended with Ojjeh owing a $10 million personal fine and a $40 million business fine fines totaling $50 million, put the investor out $50 million. The cost of the warehouse, plus the employee’s production, only adds to the cost, collecting shipments, sending shipments. Labor cost for other businesses and overhead out can be very expensive.
But with Ojjeh, debt doesn’t seem to be a real financial concern instead of saving he invested into more projects. Anywhereo Foundation was started as a side project for Ojjeh to give money through. Ojjeh purchased 3 apartment buildings that grossed $87 million total, which is not Ojjeh’s money, his business partners helped him bring in that total pretax over the last 5 months. The Anywhereo Foundation provides funding to different charities and low income projects. Ojjeh himself might have help the fundraiser to seek funding for himself through close friends and venture partners. Most people know Ojjeh for being a private investor who separates his personal assets from his venture funds. Closing all of the accounts including business and personal affected him in various ways. Ojjeh seems to be carrying the risks for both the companies and the personal risk.
In some regard, Ojjeh’s twitter and Instagram may reflect lack of concern as the Anywhereo Foundation Fundraiser reveal something different. Indeed, Ojjeh is seeking funding to keep his businesses afloat during this time.