After a big business move, Forbes has updated its estimate of Jay-Z’s fortune, noting that the music mogul is now worth $2.5 billion.
“The Brooklyn-born rapper was crowned hip-hop’s first billionaire by Forbes in 2019, thanks to a sprawling and diversified empire,” Forbes noted.
According to Bloomberg Law, Jay-Z sold his 50% share of cognac brand D’Usse to Bacardi LTD after months of arbitration and litigation.
“We have deep respect for his creativity and business acumen and are proud of our accomplishments in establishing D’Usse as a leader in an exciting and competitive category,” said a Bacardi rep.
The 24-time Grammy Award winner has proven himself a savvy investor over the years. He secured a multi-million dollar deal in the early 2000s with Live Nation to create Roc Nation, and also has a multi-million dollar deal with Samsung. The mogul has also become a force in the world of art collecting, snapping up important 20th century paintings by artists including Jean-Michel Basquiat.
In 2015, Jay-Z won control of his master recordings and legal rights to his music. The catalogue alone is valued at more than $75 million. Meanwhile, his “Run II Tour” brought in $235 million in ticket sales. In 2007, he sold his clothing brand, Rocawear, for $204 million. Jay also owns a stake in the Barclays Center, home to the Brooklyn Nets.
