BY DANIELLE JENNINGS8 March 2021
#Roommates, Jay-Z is still a hot topic following his very lucrative recent deal with Twitter CEO Jack Dorsey—but he is definitely not the only celebrity to benefit financially. When Tidal was launched, there were 16 co-owners all receiving a 3% stake in the company…and now they have all reportedly just made almost $9 million from Jay-Z’s Twitter deal.
Earlier this month, Jay-Z officially sold the majority stake of his streaming platform Tidal to Twitter CEO Jack Dorsey in a $297 million deal—not only does Jay-Z get hundreds of millions in the deal, all of his celebrity co-owners also net a multi-million dollar profit as well. Beyoncé, Kanye West, Rihanna, Nicki Minaj, Usher, T.I., Alicia Keys and Lil Wayne are all among the 16 co-owners who reportedly just made $8.9 million due to their 3% stake in the company that has now been sold.
As we previously reported, Jack Dorsey acquired the majority stake in Tidal in an effort to expand his mobile payment company Square to both upcoming musicians, as well as established artists. This new change means that Tidal will officially operate within the Square app independently. Additionally, Jay-Z will also become part of Square’s board of directors as part of the deal selling his majority stake in Tidal.
Jay-Z spoke about the deal and said, “I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future.”
Jack Dorsey echoed his sentiments and said, “It comes down to one simple idea: finding new ways for artists to support their work. New ideas are found at intersections, and we believe there’s a compelling one between music and the economy.”