After Two Lucrative Business Deals, Jay Z’s Net Worth Has Jumped By 40 Percent
Image credit: Kevin Mazur/Getty Images for Roc Nation
Last week the rapper and businessman sold his controlling stake in Tidal for $297 million and 50% of his luxury champagne brand Armand de Brignac.
Jay Z’s net worth has increased by an impressive 40% following two massive deals that took place last week.
The first deal, which saw him sell his controlling stake in the streaming service Tidal to Square, the mobile payments firm run by the Twitter co-founder Jack Dorsey, for a staggering $297.
The second deal saw Jay Z sell 50% of his luxury champagne brand Armand de Brignac to luxury goods company Moët Hennesy Louis Vuitton.
As a result, Forbes now reports that Jay Z’s net worth has increased from $1bn to $1.4bn. Forbes reported that the Armand de Brignac deal pocketed the rapper a cool $320 million. The artist also has investment stakes in Uber, SpaceX, restaurant chain Sweetgreen, and life insurance start-up Ethos.
In addition to this his Roc Nation imprint is valued at $140 million, his cognac brand D’Usse at $120 million, his music catalog at $95 million, his art collection at $70 million, and his real estate property at $50 million.
Although Jay Z has sold his controlling stake, co-owners which include Beyoné, Madonna and Rhianna will retain their stakes and become the second-largest group of stakeholders after Square. Jay Z has also joined the board of directors at Square.