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FutureStarrJay-Z Is Now The Richest Rapper With A $2.5 Billion Net Worth
According to Forbes magazine, Jay-Z of Roc Nation has become the richest rapper in the world with an estimated net worth of $2.5 billion. Last year he topped their list with a reported $1.5 billion net worth.
Reports indicate Jay-Z's fortune has nearly doubled in a year, though it does not specify how or why. One theory suggests his recently concluded legal battle with Bacardi over his D'Usse cognac brand may have played a role.
Jay-Z Is Now The Richest Rapper With a Net Worth of $2.5 Billion
Jay-Z has amassed an impressive portfolio of investments, including large stakes in Uber, Tidal and Armand de Brignac. Additionally, he sold his Roc-A-Fella Music label for $10 million.
Forbes estimates his investments in tech companies could make him the first hip-hop billionaire. One such service, Tidal, is a streaming service competing with Spotify.
Since 2015, the service has seen its share of ups and downs. Nonetheless, it remains an important source of revenue for the rapper.
He owns several companies with interests in ride-hailing apps, such as JetSmarter, Julep and Away. Each of these firms is estimated to have a value between $2 million and $5 million.
He holds a significant stake in Expa Labs, a venture capital firm that invests in early-stage technology companies. Companies like Spotify, Dropbox and Instagram have been among its investors.
Celebrities and business leaders have invested heavily in Uber. These include current CEO Dara Khosrowshahi, media mogul Ariana Huffington, and former CIT Group Chairman and CEO John Thain.
This fund has invested a total of $3.5 billion into the business venture.
Furthermore, he holds an impressive amount of shares through his Roc Nation label that are estimated to be worth a total of $16 billion.
Since then, he has not played a major role in the business; however, he still owns an extensive stake in it.
Jay-Z recently sold a majority stake in music streaming service Tidal to Square, the mobile payments firm founded by Twitter co-founder Jack Dorsey.
Launched by Norwegian technology company Aspiro in 2014, Tidal acquired by Jay-Z under Project Panther Bidco Ltd two years later in 2015.
Tidal has achieved great success, yet the service has struggled to compete against premier services like Spotify. Its subscriber growth has plateaued and it lacks exclusive content for long-term retention. Despite these setbacks, Tidal remains a top contender.
The company manipulated its user streams and failing to pay royalties to artists on time. Although it boasts 42 million songs in its library, it remains a small player in the world of music streaming.
However, that could all change with Square's acquisition of music streaming service Deezer.
Square could potentially challenge Spotify, Apple and other top-tier music services with this move. Already the majority owner of cash app service Cash App, Square is eager to expand into other areas of the booming digital economy.
Furthermore, Square executive Jesse Dorogusker will serve as interim head at Tidal while they search for a permanent leader.
Jay-Z's net worth has seen a substantial growth as a result of this deal, now valued at $2.5 billion.
Have you ever enjoyed Jay-Z's D'Usse Cognac?
Due to his success, Jay-Z became concerned that Bacardi, the company he was working with, was mismanaging and undervaluing their brand. So they settled, with Jay-Z demanding a buyout of his stake in the business which had an estimated worth of approximately $750 million.
D'USSE is a "multibillion-dollar brand," likely helping Jay-Z grow his net worth.
According to Forbes magazine, the rapper's net worth may actually be increasing with this latest deal.
Jay-Z's corporation SC Liquor filed for financial clarity regarding D'Usse back in October. Furthermore, these legal docs request all pertinent financial books and records, along with demanding that Bacardi disclose its finances fully for complete transparency.
Jay-Z and Bacardi finally reached an agreement after months of legal wrangling over their joint cognac venture. Jay-Z claims Empire Investments, a subsidiary of Bacardi, mismanaged the brand by not anticipating an uptick in sales. According to him, this mismanagement cost D'Usse valuable opportunities and caused them to lose out on potential earnings.
Jay-Z is now the richest hip hop artist with a net worth of $2.5 billion. His empire consists of several businesses such as his music label, talent agency, and fine art collection.
He is a successful businessman renowned for his innovation and willingness to take risks. Through his investment portfolio, he has made substantial profits and isn't afraid to liquidate stakes when they yield profits.
Jay-Z owns Roc Nation, an entertainment conglomerate that assists other companies with growing their brands. Additionally, the business has a significant focus on business development and identifying potential investments for new businesses.
Roc Nation has made significant investments into other startups and is dedicated to aiding other business owners. They invest across various fields such as technology, sports, and other industries in an effort to give these entrepreneurs a leg up.
These companies often have a close connection to the music industry and will collaborate with Jay-Z and his team on projects. Furthermore, Roc Nation has been an important supporter of numerous music festivals across America.
Jay-Z's investment of choice is the 40/40 Club, a high-end sports bar he opened with business partner Juan Perez in 2003. Now valued at over $30 million, this establishment boasts an ardent fan base.
He owns D'Usse cognac, launched in 2012 and targeted towards upper-middle class consumers with its reputation for producing top-notch products.
Jay-Z is an avid sports fan and owns a small share of the Brooklyn Nets. He has had an illustrious relationship with the team since it moved from New Jersey to Brooklyn in 2004.
Jay-Z owns several businesses in addition to his investments in the music industry, which he runs himself or with partners. These include Roc Nation, 40/40 Club, Armand de Brignac champagne and D'USSE cognac.