Jay-Z’s net worth jumps by 40 percent following sales of Tidal and champagne brand

Rapper and entrepreneur Jay-Z has seen his net worth jump by 40 percent following the close of two major deals.

Last week, the rapper announced that he sold his major stake in music streaming service Tidal to payment firm Square, for $297 million. Square is run by Twitter co-founder Jack Dorsey.

In a tweet, Jay-Z said he believes in the potential of Tidal as it is beyond just a music streaming platform.

“Six years later, it has remained a platform that supports artists at every point in their careers,” he said. “Artists deserve better told to assist them in their creative journey.”

Jay-Z also reportedly sold 50 percent of his champagne brand, Armand de Brignac, to luxury goods company Moët Hennessey Louis Vuitton. He reportedly earned $320 million from the Armand de Brignac deal.

Both successful sales have caused the rapper’s net worth to increase by 40 percent, according to Forbes. His net worth has now increased from $1 billion to $1.4 billion.

Jay-Z has other investments and stakes in Uber, SpaceX, life insurance start-up Ethos, and restaurant chain Sweetgreen. His diverse business includes the remaining 50% stake in Armand de Brignac, as well as the other listed investment. He also owns a large part of his own music and shares multiple multi-million dollar mansions with his wife Beyoncé.

Jay-Z is one of the many music artists that has broken out of the stereotype that rappers or artists cannot be successful businessmen. In a meeting with billionaire investors Warren Buffet in 2010, Jay-Z said hip hop has always been thought of as “aspirational” such that it breaks the notion that an artist “can’t think about money as well.”

A decade later, the rapper-turned-billionaire has lived up to the expectations. He has also become the music lyric, “I’m not a businessman. I’m a business, man.”

According to statistics from Forbes, here’s a breakdown of Jay-Z’s net worth:

• Cash and investments: $425 million

• Armand de Brignac: $320 million

• Roc Nation: $140 million

• D’Usse: $120 million

• Music Catalog: $95 million

• Art Collection: $70 million

• Real Estate: $50 million