From flipping bricks in the streets of Brooklyn to flipping multimillion-dollar companies on Wall Street, Jay-Z sure has come a long way. Though the acquisition has been rumored for quite some time now, the American rapper and entrepreneur has finally confirmed selling a majority stake of Tidal to Square (SQ) for a cool $297m. By the way, Hove bought the music streaming service in 2014 for $56m (quite the lucrative exit there!).
Recently, Tidal found itself struggling to compete with bigger music streaming rivals like Spotify (SPOT) and Apple Music (AAPL). Square’s investors may be skeptical, too, as shares of the company were down around 7% following the announcement.
Still, the deal has increased Hove’s already impressive net worth to $1.4b (good for him and the Carter clan!). As part of the deal, Jay-Z has also earned himself a seat on Square’s board of directors.