Jay Z is now worth $1.4 billion – this is how he did it
He’s got his hands in a lot of pies. He’s a rapper, entrepreneur, an investor and a husband to one of the most popular musicians in the world.
View this post on Instagram
In 2019, Forbes named him hip hop’s first billionaire and now, Shawn Corey Carter, Jay-Z to his fans, is worth an incredible $1.4 billion (R21.2billion) as of 2021.
Although the 51-year-old rapper, turned businessman, has a had a successful rap career over the years, it is not just his rhymes that garnered his enormous fortune.
According to an article by Forbes, Jay Z met with billionaire and American investor Warren Buffet nine years ago for dinner and the rest was history.
Since that meeting Jay Z has grown his investment portfolio significantly with stakes in companies such as Uber, various sports teams, liquor brands, clothing lines and many more.
The recent 40% increase in his net worth was caused by him selling the majority stake in his popular streaming service, TIDAL to Square Inc – owned by Twitter CEO Jack Dorsey.
According to Pitchfork, as part of the deal, Jay Z will move to Square’s board of directors and TIDAL’s artist owners will continue to co-own the platform, as the second largest group of shareholders. He sold his shares for a whopping $450 million (R6.8 billion) and will still own a small percentage of the company.
He then sold half of his champagne brand Armand de Brignac, also known as “Ace of Spades” to LVMH, which owns Dom Pérignon and Moët & Chandon.
These business moves both contributed to the whopping 40% jump in his net worth.
