Jay-Z’s Networth Rises By 40% After He Sold Shares In Ace Of Spades And Tidal
Jay-Z’s Networth Rises By 40% After He Sold Shares In Ace Of Spades And Tidal. With the latest deals that Jay-Z has closed for his companies, namely, his champagne brand, Armand de Brignac and his music streaming platform Tidal, his networth saw a significant rise as it climbed 40% from his previous networth of $1 billion. According to Forbes the mogul’s networth is now estimated to be around $1.4 billion. The rapper sold 50% of his champagne brand to luxury goods brand LVMH which valued the brand at $640 million. He also sold a majority stake for his music streaming Tidal to Jack Dorsey’s Square; the platform was valued at $450 million.
The rapper has always been very ambitious in business as he formed his own record label to release his first album after being turned down by all the record labels he approached. Initially, Jay-Z was selling records out of the trunk of his car. He had no record deal, and was unsigned, so he did whatever he could to try and sell his music. He founded the record label Roc-A-Fella records with Damon Dash and Kareem Biggs, which ended up with them striking a distribution deal with Priority. This then allowed Jay-Z to release his debut album ‘Reasonable Doubt’ in 1996.
Jay-Z’s joint-venture with Live Nation was founded in 2008 and is a full-service entertainment company serving some of the biggest names in the business, from musicians such as Rihanna and Alicia Keys to athletes such as Kyrie Irving and CC Sabathia. The company is also responsible for the Super Bowl Halftime Show; Made in America music festival and even has a publishing deal with Random House.
With multiples for music catalogs on the rise, Jay-Z’s library of nearly 300 songs is worth $20 million more now than it was two years ago, and thanks to a series of smart negotiations, he owns both the publishing rights and master recordings to his music.
Jay-Z has been rapping about the importance of spending money wisely for years—and he’s done just that, pouring a good portion of his $760 million estimated earnings (pretax) into investments. His holdings include stakes in Uber and now Square, as well as in private companies like salad chain Sweetgreen, insurance startup Ethos and SpaceX. His next likely big win: Oatmilk company Oatly is expected to IPO this year and is reportedly seeking a $10 billion valuation. He invested an undisclosed amount in July 2020.
He also has a huge collection of cars such as Tesla Model S, Bugatti Veyron, GMC Yukon, Mercedes-Benz Mclaren SLR, Rolls-Royce Silver Cloud, 1957 Chevrolet Corvette, Mercedes-Benz Sprinter, Ferrari F430 Spider, Rolls Royce Phantom and much more.
One of the most famous quotes by Jay-Z says, “Successful people have a bigger fear of failure than people who’ve never done anything because if you haven’t been successful, then you don’t know how it feels to lose it all.”
