Jay-Z is undoubtedly one of the most popular and legendary rappers in the Hip-Hop world. On top of his musical prowess, he is also a smart businessman and is worth over a billion dollars for good reason. Now it seems he has closed on a massive deal.
According to TMZ, Jay-Z’s six-year run with his streaming service called Tidal is finally over as he has closed the deal to sell the majority of the company to Square for $350 million.
Square, the financial services company owned by the rapper’s friend, Jack Dorsey, is now in the music streaming business. Last month Dorsey had announced that he planned to purchase Tidal and the deal was finalized Friday morning.
Way back in 2015, Jay-Z had announced the launch of Tidal for $56 million in a partnership with several artists, including Beyonce, Rihanna, Kanye West and others.
Due to the purchase, Square now owns 80% ownership of Tidal. It was also reported that Jay and Roc Nation CEO Desiree Perez will help run Tidal as well. We will have to see what is next in store for Jay-Z now that he made an insanely huge profit.