e Jay Z makes another major big move as he sells the majority shares of his audio and video music streaming app “Tidal” to the tech company “Square” owned by Twitter CEO Jack Dorsey for $297 million.
Jay Z acquired the music streaming app back in 2015 for $56 million
but now sells for roughly $241 million dollars more. The ace rapper turn
business mogul acquired Tidal back in 2015 for just $56m, this sales is
coming just weeks after he sold half of his stake in his luxury drink
firm Ace of Spades to the luxury product international conglomerate
LVMH.
Jay is on a roll and there seems not to be a slow down from him
anytime soon. The new deal as it in its terms, that the superstar
shareholders of the music streaming app who include Beyoncé, Madonna and
Rihanna, will retain their stakes and become the second-largest
shareholders. While Jay-Z will now join Square’s board of directors, the company also controls the micro-blogging app “Twitter”.
Square said it has taken a “significant majority ownership stake” in Tidal, which Jay-Z bought in partnership with other artists for $56m in 2015. The service, which counts artists such as Coldplay and Daft Punk as owners, differentiated itself by offering high-quality audio and video and paying better royalty rates to artists than rivals such as Spotify.
Photo Credit: Getty
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