Sean 'Diddy' Combs Talks Hosting Donald Trump at a Party, Ashton Kutcher Plays 'Drop the Mic' On 'Corden': Watch

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Diddy also reveals how he and Ashton Kutcher became friends.

The humorous friendship between Sean "Diddy" Combs and Ashton Kutcher came about just as anyone would suspect the former reality show hosts -- through Kutcher's mid-2000s residency, Punk'd. The old pals took a trip down memory lane during their visit on The Late Late Show with James Corden Tuesday (June 12), during which host James Corden couldn't resist inquiring about how the two crossed paths.

"I was doing Making the Band on MTV and he was doing Punk'd," Combs explained. "I gave him a call one day and I said, 'I heard you were going to punk me and I just don't think that's a good idea.'"

"I'm pretty sure that's not the way you said it!" Kutcher quipped back. "I think it was some version , 'if you do that, I don't think that will work out well for you.'"

Since then, the pair have shared many memories, including a three-mile run they took together that led Combs to surprisingly participating in the New York Marathon. Also known for his lavish festivities, Combs additionally dished on the best party he ever threw.

"My 30th birthday party. Muhammad Ali came, Oprah...Donald Trump stopped by. That was back in the day," Combs said, further mentioning that even the now-president couldn't resist busting a move that night.

"Would you speak to him now?" Corden asked.

"I'm not against speaking to anybody for the betterment the greater good," Combs responded. "We're in a crazy time. It's really hard to speak and amplify what's going on. I try right now to just lead by example and I think a lot times it's a big distraction and a lot times it's a wake up call for us to take accountability on the future America and the future the world."

Over the applause from the audience, Corden had an idea in mind: "Are we not looking at a Diddy/Kutcher 2020 ticket right here? I feel like we could sew the whole thing up right now. Am I wrong?"

Kutcher, however, didn't seem too eager to take fice, although he came loaded with wisdom ready to share. "I think it's legitimately one the toughest, worst jobs in the world for anybody to take, so anybody that decides to take it on has a lot guts or a very large ego. It's one or the other," he detailed. "It would be my goal that eventually a larger breadth people actually have more trust in the institution because I think people are more productive when they're not existing in fear and I think there's a lot fear in the world right now. I think people are more productive when they're motivated through purpose and presence and not fear."

Despite his eloquent speech, Kutcher also took a whack at his rapping skills in a round "Drop the Mic" against Corden, in which they took turns roasting each other in fiery verses that were chock-full past career references. While the Ranch actor gave it a sizzling shot, Combs ultimately crowned Corden the winner this time around.

See the interview and rap battle below.