Jay-Z is still very much a business, mannnn.
via: HipHopDX
Hov was named the 1,203rd wealthiest person on the planet on Friday (March 24) after Forbes provided a “real time” update of his net worth.
French business magnate Bernard Arnault, CEO of LVMH Moët Hennessy Louis Vuitton, currently sits at No. 1 on that list with a reported valuation of $216.1 billion.
If Forbes‘ $2.5 billion estimation is accurate, JAY-Z’s net worth would have almost doubled since last year when it was reported he was worth $1.4 billion.
The publication has yet to detail the reason behind the huge increase, but it’s most likely thanks to the recent lucrative sale of the rap mogul’s controlling stake in his D’USSÉ cognac brand.
In February, D’USSÉ’s parent company Bacardi agreed to purchase Jigga’s 50 percent stake for a reported $750 million.
The deal, which allowed JAY-Z to retain a “significant ownership stake” in the liquor company, came after a contentious legal battle between the two parties.
Hov initially sued Bacardi in October 2022 over concerns about financial transparency and demanded the company open up its books and all other records.
It was later revealed that he believed Bacardi was lowballing him after he exercised his right to a buyout in 2021. Jay was seeking $1.5 billion for his stake, while Bacardi allegedly offered him just $500 million.
The Roc Nation boss became Hip Hop’s first billionaire in 2019 thanks to his “expansive, encompassing liquor, art, real estate (homes in Los Angeles, the Hamptons, Tribeca) and stakes in companies like Uber,” Forbes wrote at the time.
Just two years later, his net worth jumped 40 percent after he sold his majority stake in the music streaming service TIDAL to Twitter co-founder Jack Dorsey’s payments platform Block, Inc. (formerly Square, Inc.) for a reported $302 million.
The Brooklyn native also sold half of his Armand de Brignac champagne to LVMH in a deal that valued the luxury liquor company at around $640 million.
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