Jay-Z made a major $297 million deal with Square, Inc. to sell a majority stake in TIDAL.
Jay-Z just announced another major deal, revealing that Square, Inc. has acquired a majority stake in TIDAL for $297 million. In connection with the deal, the rap legend and ultra-successful businessman has been named to Square's board of directors. He also changed his username on Twitter (shout out to Jack Dorsey) and sent out his first tweets since 2018.
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The deal includes all of TIDAL's artist shareholders, which will remain as co-owners of TIDAL once the deal closes. This huge news comes in conjunction with Jay-Z's latest move on social media, changing his username from @S_C_ to simply @sc. The perks of being good friends and partners with the owner of Twitter. Hov also sent off his first few tweets in over three years, speaking on the new deal.
"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," he said in a new tweet. "Artists deserve better tools to assist them in their creative journey. Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!"
Jack Dorsey also offered his thoughts on the new deal, saying, "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. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture."
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This comes after news of another deal that Jay-Z closed at the end of February, selling a fifty percent ownership stake in Armand de Brignac (also known as Ace of Spades) champagne to LVMH. He's not a businessman, he's a business, man.
Congratulations to Jay-Z on closing out yet another lucrative deal.