Feldman tweeted Saturday he was canceling the event because he realized there's "more to life than money," TMZ.com reported.
"Just looked at my son and daughter today wow I'm so lucky those people must be in so much pain ... all you people are right," Feldman tweeted.
DMX spokesman Domenick Nati told E! News that, "Damon Feldman has announced that the George Zimmerman fight is canceled via his Twitter. As previously stated, DMX never agreed to the fight and we thank you for all of the support from DMX's fans."
E! confirmed Wednesday that Zimmerman, who was acquitted in July in the 2012 shooting death of 17-year-old Trayvon Martin in Sanford, Fla., was to go toe-to-toe with DMX in March and that Floyd Mayweather Sr. would act as the referee.