Jackson got support at the ceremony from his good friends Dr. Dre and Eminem.
"He's an artist, an entrepreneur, an actor, a director, a producer. He can juggle," said Eminem. "He's great at Scrabble."
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"I just want to say thank you, man. Thanks for supporting me," said Jackson.
That support also came from dozens of fans. One guy flew in from Australia for this.
"I saw it on his Instagram that he was getting a Hollywood star so I thought, 'I've got to be there.' I've followed him since day one and his music has helped me throughout life," said Gideon Mzembe.
"He was the first artist I ever listened to, first rapper I ever listened to," said Patrick Wilson. "And it's crazy to see his career path. It's motivating and inspiring for me."
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Jackson's music has garnered him 14 Grammy nominations and one win.
"This meant a lot to him, bro. When he said he got passed up on a lot of awards in his career that he felt that he should have gotten, this is the one right here," said Big Boy, a DJ from Real 92.3.
"I look at this like a lifetime achievement award," said Jackson. "It's cool. They'll give me more. I know they'll give me lifetime achievement award because I'm not done, you know what I'm saying? So I'll be back, like, they got to save space for me down the street."
Next up for this mogul, another position of "power" - being the executive producer of the new ABC series "For Life." It debuts Feb. 11.