Billionaire Jay-Z’s Net Worth Increased By 40% In Just Two Weeks
Jay-Z is stacking up the Dead Presidents after increasing his net worth by a staggering 40% in the space of just two weeks.
The 51-year-old officially became hip-hop’s first billionaire in 2019 and his wealth has continued to grow ever since.
The 99 Problems rapper has recently made deals to sell percentages of his music streaming service Tidal as well as his champagne brand, Armand de Brignac, for millions of dollars.
According to Forbes, Jay-Z – real name Shawn Carter – has sold a majority stake in Tidal for $297 million to Jack Dorsey’s mobile payment company Square. It’s believed the company is valued at around $450 million.
Despite having sold a majority stake, the rapper will still own a small percentage of the company as well as artist shareholders keeping their stakes.
The deal with Twitter CEO Dorsey comes just a week after Jay-Z singed another deal which saw him sell half of Armand de Brignac champagne to luxury house LVMH’s Moët Hennessy for an eyewatering $640 million.
The father-of-three is said to now be worth $1.4 billion in the wake of these two deals.
Since rising to the heights of hip-hop, Jay-Z has gone on to create his millions in different ways over the years. He hasn’t released an album since 2017, but the Empire State of Mind rapper has still been extremely busy.
Breaking down his investments, Forbes reported his largest source of income has been cash and investments and that he’s manged to rake in $425 million from being money savvy.
The rapper, and husband to Beyoncé Knowles, has stakes in the like of Uber and Square as well as in private companies like salad chain Sweetgreen, insurance start-up Ethos and Elon Musk’s SpaceX. He also invested in Oatmilk company Oatly in June 2020.
Then there’s Armand de Brignac which is thought to have put a nice $320 million in his bank after selling half of it last week.
Another source of his income has been his Roc Nation venture with entertainment company Live Nation. Created in 2008, Roc Nation now describes itself as ‘the world’s preeminent entertainment company’ that works in every aspect of modern entertainment. The company’s talent includes Alicia Keys, Rihanna, Kelly Rowland and Fat Joe, to name a few.
His real estate is also valued at $50 million, while his music catalogue – entailing nearly 300 songs – is worth $95 million.
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