Jay-Z, born Shawn Carter in 1969, has made a name for himself as one of the best rappers in the world who is unearthing music talents. While still active in music, he ventured into entrepreneurship through the launch of multiple business and startup investments.
His move into entrepreneurship paid off as a series of deals by the rapper saw his net worth increase by 40 percent, according to the latest valuation of his assets. For instance, he sold more than half of his stake in Tidal video and audio streaming services to Square, a digital payment platform run by Jack Dorsey.
Square paid a mix of cash and stock in the value of $297 million and Tidal’s superstar shareholders, including Beyoncé, Madonna and Rihanna remained in place, making them the second-largest co-owners.
Prior to that, he sold half of his Champagne brand Armand de Brignac to Moët Hennessy, the luxury wines and spirits division of luxury giant LVMH. The acquisition was through a partnership with the rap legend which is anchored on an equal stake and a global distribution agreement.
According to Forbes, the two deals increased Jay-Z’s fortune to $1.4 billion, up from $1 billion. Meanwhile, the billionaire rapper still has a 50% stake in Armand de Brignac, D’Usse cognac insurance startup Ethos and salad chain Sweetgreen, Forbes adds.
Jay-Z also has holdings in Uber, SpaceX and now Square. He also has shares in Oatmilk company Oatly which is expected to IPO this year for a $10 billion evaluation.
However, not much is known about the sports investment side of the rapper-turned-business mogul. According to Marca, he has one of the most lucrative sports businesses in the world. His first investment in sports was in 2004 when he bought a $1 million minority stake in the NBA’s New Jersey Nets.
“He was instrumental in the franchise’s move from New Jersey to Brooklyn, as he helped orchestrate everything with the team’s then majority owner, Mikhail Prokhorov,” according to Marca.
In addition, he also bought a minority stake in Barclays Center arena, home of the Brooklyn Nets and subsequently ventured into sports management through the launch of Roc Nation Sports in 2013. Roc Nation Sports represents and has negotiated with some of the biggest athletes around the top leagues in major sports.
He later had to sell his stake in the NBA team due to the league’s rules on conflict of interest and according to Marca, he sold for $2.35 million, thus a 135% profit.
Jay-Z has a net worth of $1.3 billion.
