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.
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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.