Since he first hit the music scene rapper Jay-Z has never been short of a bob or two. And now hip-hop’s first billionaire musician is even richer.
In the past week, Jay-Z has signed an agreement to sell his majority share in the music streaming company Tidal for US $297 million (NZ$414 million). Forbes reports he is selling to Jack Dorsey’s mobile payment company Square.
Earlier in the week the rapper bought back 33.3 per cent of Tidal from T-Mobile, before onselling those shares and the third he already owned to Square. He retains a small percentage of shares in the company, as do Tidal’s “artist shareholders”.
But that’s not the only lucrative business deal the rapper has done in the past fortnight. Jay-Z has sold half of his Armand de Brignan champagne brand to LVMH (Möet Hennessy Louis Vuitton) – the brand is valued at about US$640 million.
What else does he own? The joint-venture entertainment company Roc Nation is valued at $140 million; his cognac brand D’Usse is said to be worth $120 million; his music catalogues give him another $95 million; and Forbes puts his art collection at $70 million – it includes works by Jean-Paul Basquiat and Damien Hirst.
Not to mention the two properties he owns with wife Beyonce. The LA mansion is believed to be worth $88 million (but there is a mortgage on that one), and the couple have a beautiful home in East Hampton worth $26 million.
Jay-Z also has a Tribeca penthouse, which he has owned since 2004.
A famous quote from the rapper 15 years ago resonates even louder today: “I’m not a businessman; I’m a business, man.”
It’s a big jump for the 51-year-old also known as Shawn Carter, who once sold CDs out of the boot of his car. Jay-Z has sold more than 50 million albums and 75 million singles, and won 22 Grammy Awards.