A celebrity has just joined the board of directors of one of the up and coming companies started by Twitter CEO Jack Dorsey. While Jay-Z has been active in the business world and is still a well known rapper, the recent seat still comes as a surprise.
Jay-Z Joins Jack Dorsey’s Square
According to the story by CNet, Square, a certain mobile-payments company that is reportedly owned by Twitter CEO Jack Dorsey, has just added Jay-Z to the company’s official board of directors. The board of directors are critical to the company’s decision making and planning.
In an SEC filing, Square notes that it has expanded its current board from 11 directors to now 12 directors in order to bring Jay-Z, whose real name is Shawn Carter, on board. MarketWatch notes that Square has reportedly also reached a whole marketing and sublease deal along with Jay-Z’s company called Roc Nation.
Square Acquires Tidal
The news is not actually a big surprise if the previous moves of Square are taken into account. The inclusion of Jay-Z in the board of directors follows Square’s previous announcement in March that the company would acquire a majority stake in Jay-Z’s very own premium music service, Tidal, for the price of $297 million.
Back on Friday, Square reportedly said it was able to complete the Tidal acquisition back in April 30 for a whopping $302 million. The Twitter CEO then stated that he is grateful for Jay-Z’s own wisdom, vision, and his leadership. He also noted that he knew that Tidal was something really special as soon as he experienced it. He then stated that he is inspired to work along with him.
What is Tidal?
Tidal, a massive $10 month streaming service, or an option of $20 for those that want to use the lossless hi-fi audio, will reportedly operate independently directly under Square. Tidal reportedly has a catalog of well over 70 million songs as well as 250,000 music videos.
Aside from his rap career, Jay-Z has definitely made his presence known in the business world. With his recent inclusion in Square’s board of directors, the rapper turned business mogul has just expanded his reach into bigger business.
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Jay-Z Net Worth
As of the moment, Jay-Z net worth is now at $1.4 Billion USD according to the story by SCMP. The article reportedly described Jay-Z’s net worth to have swelled by 40% due to his recent inclusion in Square’s board of directors. This increase was spread over a span of just three weeks which is definitely a massive increase over a short period of time.
Jay-Z then stated that he is “very fortunate” for all of the partners he has. Aside from Twitter’s Jack Dorsey, there is also Philippe Schaus as well as the guys who reportedly created LVMH. He then stated that they do not cut corners and that they “try to get it right.”
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Written by Urian B.
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