Master P encourages Black entrepreneurs to take their companies public after Clubhouse was reportedly valued at $1 billion.
A few months ago, curiosity levels rose high as we were all introduced to a new social media app called Clubhouse. The app is currently still in beta stages, but over a million people have been invited and are utilizing it for networking opportunities. Clubhouse has specifically been a hit with music industry executives, who have hosted live A&R review rooms on the platform, offering chances for unsigned artists to play their music for some of the most important people behind-the-scenes.
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Many believe that the app has already begun a downward spiral in recent weeks with "moaning rooms" and other nonsense taking center stage. Instagram and Twitter have also been quick to recreate the live audio drop-in features to create their own adjacent versions of Clubhouse. While it seems like the quality of the app is declining a touch, the popularity continues to rise. The app has not gone public yet and already, it's reportedly being valued at $1 billion, as noted by The Information.
Known for his multiple Black-owned businesses, and for his work in encouraging fellow Black entrepreneurs to go public with their ideas, the legendary Master P chimed in on what he thinks of the new evaluation for Clubhouse, urging Black businesspeople to start thinking more critically about their projects.
"I keep telling people, we go on Clubhouse, we making another one of them a billionaire," said Master P. "We just did it. Just for Clubhouse. We need to create stuff like that where we control the narrative and we’re able to put the money back in our community and our culture."
He elaborates further, saying, "If one of us did that, we would be saying, ‘Nah, I don’t think that’s gonna work. Why would you call it Clubhouse? It’s not a club.’ We come up with all different types of excuses. Nobody cared. Everybody went on Clubhouse and blew this up. You know this guy went to the bank, got whatever he want. He’s gonna take that company public. We’re not thinking like that. The only way we're gonna be successful is taking companies public. That’s the way you build wealth. We're creating so much wealth for them."
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What do you think of Clubhouse being valued at $1 billion?