Jay-Z‘s net worth has been boosted by 40 per cent following two major deals by the rapper and businessman.
Last week, it was revealed that Jay-Z has sold his controlling stake in streaming service Tidal to Square, the mobile payments firm run by the Twitter co-founder Jack Dorsey, for $297 million (£215 million).
He has also recently sold 50 per cent of his luxury champagne brand Armand de Brignac to luxury goods company Moët Hennessy Louis Vuitton.
As a result, Forbes now reports that the rapper’s net worth has now increased from $1 billion to $1.4 billion.
Breaking down his extensive fortune, Forbes reported that the Armand de Brignac deal earned him $320 million. His other investments include stakes in Uber, SpaceX, restaurant chain Sweetgreen and life insurance start-up Ethos.
His Roc Nation imprint is valued at $140 million, his cognac brand D’Usse at $120 million, his music catalogue at $95 million, his art collection at $70 million, and his real estate property at $50 million.
Jay-Z’s Tidal deal will see the service’s artist co-owners, including Beyoncé, Madonna and Rihanna, retain their stakes and become the second largest group of stakeholders after Square. Jay-Z has also joined the board of directors at Square.
Speaking about the deal in a rare set of tweets that were posted on March 4, Jay-Z said that he has long believed that Tidal is “about more than just streaming music”.
“Six years later, it has remained a platform that supports artists at every point in their careers,” he continued. “Artists deserve better tools to assist them in their creative journey.”