Update 03/08/2021 10:58am:

It was recently revealed that mobile payment company Square acquired a majority stake in Jay-Z’s Tidal. Along with that, LVMH’s Moet Hennessy announced a partnership with Hov, acquiring 50% of his Armand de Brignac champagne in the past month. Now, reports surfaced noting that because of those moves, the rapper’s net worth has jumped up 40%.

Forbes noted that as a result of Square and Jay-Z’s $297 million deal pushed the company’s value to about $450 million. The breakdown for Hov’s net worth finds $425 million of wealth being tied to cash and investments. Jay has a $320 million stake in Armand de Brignac, and his music catalog ($95 million), stake in D’usse ($120 million), along with other stakes in rising companies, comprise the rest of his wealth.

News of this comes after Jay-Z revealed his cannabis brand MONOGRAM would be launching a campaign to call out the hypocritical regulations related to marijuana in the United States.

source: Forbes

Original 03/04/2021 10:06am:

It was announced on Thursday (March 4) that Square, the mobile payments company founded by Twitter's Jack Dorsey, is acquiring a majority stake in Jay-Z’s Tidal.

Dorsey tweeted on Thursday, "Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board. Why would a music streaming company and a financial services company join forces?!" 

It was revealed that the deal includes a mix of cash and stock of $297 million for a significant majority ownership stake. The deal will also see Jay-Z joining Square's Board of Directors. Jay-Z addressed the deal in a series of tweets. 

He wrote, "I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!" 

The news comes after LVMH’s Moët Hennessy announced a partnership with Jay-Z via a 50% acquisition of his Armand de Brignac champagne brand last month. Forbes recently estimated that the deal is worth an estimated $315 million. 

Source: New York Times