Money

THE WORD | Kanye West Managed To Get Out Of $53 million In Debt In 3 Years

On Tuesday (July 9), Forbes unveiled their latest cover featuring Kanye West, who they estimated made $150 million over the past 12 months (his team insisted "the number is even higher"), making him the third highest-paid entertainer over the last year. 

This is a huge accomplishment for the Chicago kid, especially when you weigh in the fact that just three years ago Kanye claimed to be in $53 million in debt...So, how'd he do it? According to Forbes, Kanye's fortune can greatly be attributed to his Yeezy brand and partnership with Adidas.

"I'm just blessed through the grace of God to go from tweeting at Mark Zuckerberg" to ask for money, he said, to where he is today.

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Back in August, The Blast reported that Ye was just shy of joining the billionaire club, claiming that Kanye's Yeezy brand had just reached a valuation of nearly $1.5 billion. The site cited the fact that Kanye was a majority stakeholder of the fashion label as further proof he was right at the line of being considered a billionaire. 

While Forbes reported that Ye still hasn't earned the billionaire title just yet, the mag added "the never-modest" Mr. West would certainly "claim he’s there already. And then some."

THE WORD | RIHANNA BECOMES RICHEST FEMALE MUSICIAN WITH $600 MILLION FORTUNE

According to Forbes, Rihanna is now the wealthiest female musician in the world, ahead of the likes of Madonna ($570 million), Céline Dion ($450 million) and Beyoncé ($400 million).

Most of that comes not from music but from her partnership with LVMH, the French luxury goods giant run by billionaire Bernard Arnault. Rihanna (pronounced "Ri-ann-ah," not "Ri-ah-nah," as she recently clarified) and LVMH co-own the makeup brand Fenty Beauty. Fenty launched in September 2017, it racked up a reported $100 million in sales in its first few weeks. 11 of the 80 women on Forbes' list of the Richest Self-Made Women made their money in beauty or skin care products.

THE WORD | JAY Z IS HIP-HOP'S FIRST BILLIONAIRE

“It’s bigger than hip-hop … it’s the blueprint for our culture," Swizz Beatz says in the article. "A guy that looks like us, sounds like us, loves us, made it to something that we always felt that was above us. If he’s a billionaire now, imagine what he’s about to be. Because he’s only just starting.”

Jay-Z has officially become hip hop's FIRST billionaire! Forbes breaks down the report which comes through investments in liquor, art, real estate, and multiple investments such as Uber.


FORBES BREAKSDOWN HOV’s FORTUNE

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Jay-Z has used his music to shill the $300 gold bottles of the "Ace of Spades" champagne since launching the brand with the 2006 video “Show Me What You Got." More recently, his verse on Meek Mill’s “What’s Free" put a half-billion-dollar value on the wine, which seems like a bit too bubbly a number.

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A vast investing portfolio includes a stake in Uber worth an estimated $70 million. He reportedly purchased his piece for $2 million back in 2013—and then wired founder Travis Kalanick another $5 million in an attempt to increase his holdings, but was rebuffed

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Jay-Z’s cognac, a joint venture with beverage giant Bacardi, moves almost 200,000 cases and has grown nearly 80% annually. “Jay-Z resonates with consumers who are attracted to the ultra-premium lifestyle," says Eric Schmidt, Beverage Marketing Corp.’s Director of Alcohol Research.

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This wide-ranging entertainment company started over a decade ago as part of a joint venture with concert giant Live Nation. Roc Nation represents some of the top stars in the entertainment through its sports agency (Kevin Durant, Todd Gurley) as well as its record label and artist-management arms (Rihanna, J. Cole).

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Before the beginning of his stint as Def Jam’s chief in 2004, Jay-Z negotiatedthe eventual return of his master recordings from the aforementioned label that helped launch his career; in a separate deal with EMI, he clawed back his publishing rights. Wise move: his hits now clock close to 1 billion streams annually.

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After welcoming twins in 2017, Jay-Z and Beyoncé bought a pair of homes to match: a $26 million East Hampton mansion and a $88 million Bel Air estate. Jay-Z also owns a Tribeca penthouse, snagged for $6.85 million in 2004.

Art collection

$70 million

In the song "Picasso Baby," Jay-Z boasted about a “Basquiat in my kitchen corner." He probably wasn't kidding. For over a decade, he’s been scooping up masterpieces like Basquiat's “Mecca,” purchased in 2013 for a reported $4.5 million. "He's rapped about it all in detail," says Fab 5 Freddy, a contemporary and friend of the late painter. "Jay-Z helped educate millions of hip-hop fans mentioning Jean-Michel."

Tidal

$100 million

In 2015, Jay-Z submitted a bid to purchase the Scandinavian streaming service’s parent company for just shy of $60 million. He relaunched Tidal later that year with a roster of celebrity investors including his wife, Beyoncé, and other music luminaries, from Kanye West to Calvin Harris.

 

Sprint Buys 33% Of Jay Z's Tidal For A Reported $200 Million

Sprint Buys 33% Of Jay Z's Tidal For A Reported $200 Million Via (@Forbes) Read more: #Linkinbio #YesImaRebel

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Jay Z is selling one-third of his Tidal streaming service to Sprint for $200 million, according to a report released earlier today by Billboard.

As part of the deal, Tidal will become available to Sprint's 45 million customers;  Sprint's CEO Marcelo Claure will join Tidal's board of directors. Jay Z and the artist who invested will retain stakes in the company; the agreement also calls for a $75 million fund dedicated to musicians' exclusive releases.