Congrats: Jay Z (Not Dr. Dre) Officially Becomes 1st Hip Hop Billionaire, Forbes Explains Why
ILOSM fam, we’re sending a big congrats to Jay Z today, after the latest news regarding his now $1 BILLION dollar fortune. Bad news for Dr. Dre…fantastic news for the Carters…
It’s just been confirmed, by Forbes, that after adding all of Jay Z’s sources of revenue from his many businesses and also subtracting “a healthy amount to account for a superstar lifestyle,” that the brotha’s worth is $1 BILLION! Watch out Oprah, Jay Z’s headed your way!
Forbes also provided a simple breakdown of Jay Z’s profits from his various business ventures:
— $310 million for Armand de Brignac champagne
— $220 mil in cash and investments, including a $70 million stake in Uber
— $100 mil for D’Usse cognac
— $100 mil for Tidal
— $75 mil for Roc Nation
— $75 mil for his music catalog
— $70 mil art collection
— $50 mil in real estate
Dayumn!!! That’s a lotta money…and thats not even continuing the stacks on stacks on stacks that his wife, Beyonce is bringing in. Blu Ivy, Sir, and Rumi Carter, are livin’ their best lives for real! Their parents are ballin!’
Why Did Everyone Dr. Dre Was The 1st Hip Hop Billionaire? Here’s Why…
Although it was first reported, in 2014, that Dr. Dre alluded that he’d became the very first hip hop billionaire, that wasn’t necessarily fact. The inaccuracy occurred when Dre and business partner, Jimmy Iovine, sold their Beats By Dre headphone brand to Apple for $3.2 billion.
At that time, they also had a third party in Carlyle Group which acquired a $500M minority shareholding in the company the year prior. In addition to the third party having dibs on the profits from the selling of Beats by Dre, Dr. Dre also had to pay taxes on his portion.
Therefore, his net worth went from $550 million pre-sale, to $800 million post-sale. And that be’s the reason why he officially did NOT become hip hop’s first Black billionaire.
Nevertheless, congrats to Shawn “Jay Z” Carter on tackling that major feat.