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Forbes magazine has listed Jay-Z as one of the first to reach these figures, expanding his business portfolio far beyond music
This month, Forbes magazine cataloged this man as the first hip-hop artist to accumulate a fortune equivalent to $ 1,000 million dollars. In less than a decade, Shawn Carter managed to become a businessman and build an empire of different brands and investments in companies like Uber.
According to The Guardian, as a teenager, Jay-Z started selling illicit drugs before he started rapping in Brooklyn. Later, without having his label, he sold records on the back of his car just before releasing his first album in 1996 "Reasonable Doubt", which has sold more than 1.5 million units since then. With the success of this one, he created his record label Roc-A-Fella Records. Since then, the artist has released 14 albums, has won 22 Grammy awards, and according to Forbes, more than $ 500 million in earnings before taxes.
However, the rapper has not only been dedicated to the world of music but has taken advantage of his figure and his reputation to create businesses. Jay-Z came to the conclusion that it would be better to create his own brands before continuing to promote that of others.
His first step into this world was through Rocawear, a clothing company that he founded together with his friend Dame Dash. As Pitchfork stated, this was the first diversification of the artist's portfolio. The company grew rapidly, going from being worth $ 100 million in 2001 to $ 300 million in 2002 until Jay-Z sold it for $24 million in 2007 to Iconix Brand Group.
Later, Live Nation partnered with Jay-Z to create Roc Nation in 2008. This is an entertainment company with a wide range of coverage. They work with musical artists, producers, and athletes. According to Forbes, the company is worth $ 75 million dollars. In 2005 he opened his first club, 40/40, where he managed to join with Reebok and Nokia. I was also looking for agreements with Hewlett Packard, Budweiser, and Armand de Brignac.
In 2015, Carter created the Tidal streaming platform, which equals $ 100 million. Jay-Z submitted an offer to buy the parent company of the Scandinavian company for $ 60 million. Now, it has important investors like Beyoncé, Kanye West, Calvin Harris, among others.
Finally, it has its Armand de Brignac champagne brand, which is equivalent to $310 million. He also has a cognac called D'Ussé in conjunction with Bacardi with a value of $ 100 million and, finally, investments in different companies such as Uber ($70) that have an estimated value of $ 220 million in total, according to figures from Variety.
Root farm and art collection
Jay-Z's fortune is not only found in his business but in his own belongings. He has been an art collector since 2005, adding so many works that his collection has reached $ 70 million.
In fact, Pitchfork describes how the artist used works by Andy Warhol in the song Decoded of 2011, and that he bought paintings by Jean-Michel Basquiat for $ 4.5 million after mentioning it in several of his raps.
It is estimated that the value of your real estate is $ 50 million, as stated by Forbes, as it has properties in Los Angeles, the Hamptons and Tribeca.
Now, the rapper has been involved in various philanthropic acts. According to The Guardian, he has offered legal assistance to cases of black men who are involved in mistreatment and injustice of the judicial system.
He also has the Shawn Carter Foundation, where he puts his money to support the fight against poverty around the world.
LatinAmerican Post | Valentina Moya
Translated from "¿Quién es el primer rapero en tener una fortuna de mil millones de dólares?"