Jay-Z opens up about two of his recent business dealings, revealing how celebrity status both helped and hurt "Ace Of Spades" among other gems.
Jay-Z's entrepreneurial prowess has become so dominant that many have begun to associate him with his business empire more so than his legendary discography. Given that he's currently sitting on a net worth of $1.4 billion dollars, making him one the richest men in hip-hop by a fair margin, it's not entirely surprising. And while many have been eager to hear some new music from the Jigga Man, others are content to watch and marvel at his meteoric rise up the corporate ladder.
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Today, Hov sat down for a rare interview with South China Morning Post, where he opened up about some of his recent deals -- including selling a majority TIDAL stake to Jack Dorsey as well as securing a partnership deal with Moët Hennessy. The pair of money moves were enough to boost his net worth by forty percent, as per the SCMP report. And while he'll likely turn up the flexing on wax, Jay keeps it humble in the interview, giving the lion's share of credit to his collaborators.
"I’m very fortunate," explains Hov. "Jack Dorsey, who created Twitter, Square and Cash App, and Philippe [Schaus] and the guys who created LVMH – you couldn’t ask for better partners; they’re the top of the top. “[Things] usually align like that when people do really great things. You could get into partnerships and people short-change the business for different reasons. These guys don’t cut corners, they try to get it right. It’s about respect.”
He also spoke about the negative ramifications that celebrity status can have on a brand, as he experienced first-hand during the launch of his Ace Of Spades champagne. "This isn’t a celebrity brand, it’s a luxury brand," he clarifies. "It’s a brand to be taken seriously and it’s not a rapper’s brand. [There was an element of] fighting against that, the weight of your own celebrity. While celebrity is not all bad, in that it can bring a new customer to something they otherwise [wouldn’t have experienced], it has to be – like everything else in the world – balanced.”
As the interview winds down, Jay shares his perspective on his approach to business, drawing a comparison with hip-hop culture. "Just like with hip-hop and graffiti, for example, we took it outside the art galleries, and people were upset, but we were expressing ourselves," he reflects. "We’ve seen it time and time again, that when two worlds respect each other and what each individual or group brings to the table, it can be a beautiful thing,” he explains. “There are things that we’ve done that are not typically by the books. And you can look at that in two ways – you can look down on it, or you can say, ‘Wait, that’s interesting.’”
For those interested in the philosophies that define Jay-Z's business empire, check out the full conversation right here.