David Geffen Net Worth
David Geffen net worth: David Geffen is a Brooklyn-born record executive, film and theater producer, and philanthropist who has a net worth of $6.9 billion dollars. David Geffen is most widely known as the founder of Geffen Records, where he signed Donna Summer, Nirvana, Blink-182, and most famously, released John Lennon's Double Fantasy album. He also started a film production company and was one third of the original Dreamworks company. Davis Geffen was born on February 21, 1943 in Brooklyn, New York. In 1961, he appeared as an extra in the film, The Explosive Generation, but started his career in the mailroom at the William Morris Agency (WMA), where he quickly was promoted to work as a talent scout. He left WMA and founded Asylum Records in 1970 with Elliot Roberts (a former co-worker in the mail room at WMA) and had immediate success signing Laura Nyro, Crosby Stills and Nash, and Jackson Browne. The name Asylum was chosen because of their reputation for signing artists who would struggle to find a record company that would contract with them. The label went on to sign artists like the Eagles, Joni Mitchell, Bob Dylan, Tom Waits, Linda Ronstadt, Warren Zevon, Judee Sill, and JD Souther. Asylum was later acquired by Atlantic Records parent company, Warner Communications and merged with Elektra Records in 1972. Geffen remained in charge until December 1975, when he went to work as vice chairman of Warner Brothers film studios. He left Warner Brothers shortly after starting with the company due to being misdiagnosed with cancer and entering early retirement. In 1980, after being given a clean bill of health, he founded Geffen Records which he is still known for today. The label did well throughout the 80's but in 1990 it was sold to MCA Records; Geffen continued to run the label before ultimately leaving in 1995. Geffen is a huge philanthropist and has donated hundreds of millions of dollars to UCLA, making him the largest individual benefactor for the UC system. He is also vocal and quite involved with politics and has supported candidates like Bill Clinton and Barack Obama. He was also vocal about his support and donated money to try to prevent Prop 8 from becoming law in California. Geffen is openly gay, and in May 2007, Out Magazine ranked Geffen first in it's list of the fifty "most powerful gay men and women in America." In April of 2014, on the heels of a scandal involving Donald Sterling who is the owner of the Los Angeles Clippers, David Geffen (along with Oprah Winfrey and Larry Ellison) said he would be interested in buying the team from the scorned owner. The team is not currently on the market, but NBA commissioner Adam Silver said he would urge league owners to invoke their power to force a sale of the team by Donald Sterling, who was handed a lifetime ban from the league because recordings of conversations with his former mistress were made public, exposing his misogynistic and racist views.