Jakarta, Reportase – Shawn Carter’s wealth, or better known by his stage name Jay-Z, has reached US $ 2.5 billion or Rp. 36.88 trillion. That amount makes him the first billionaire rapper to be included in the ranks of the richest people according to Forbes.
Jay-Z became rap’s first billionaire in 2019, with a stake in Armand de Brignac champagne and D’Usse cognac worth more than $400 million at the time, as well as investment properties in New York and Los Angeles, United States.
His fortune has exploded in recent years thanks to the growth of his entertainment company Roc Nation, sales of streaming service Tidal and multiple investments in companies including Uber. Forbes pegged his net worth at $1.4 billion last year.
Even in a year without a tour or album release, Jay-Z made millions off of Armand de Brignac champagne and D’Usse cognac. In 2021, LVMH owned by the world’s 1st richest man Bernard Arnault, bought a 50% stake in his champagne empire Armand de Brignac otherwise known as Ace of Spades.
Now, his wealth is enough to make him the 1,278th richest person in the world and the highest paid entertainer in the world in 2022 according to Forbes.
In a 2010 meeting with legendary investor Warren Buffett, nearly a decade before becoming a billionaire, Jay-Z compared his approach to his music career to the Berkshire Hathaway leader’s strategy of investing only in the businesses he understands rather than the most popular ones.
“Music is like stocks, there are things that are hot right now,” Jay-Z said at the time, quoted from CNBC Make It, Thursday (13/4/2023).
“People tend to make emotional decisions based on music. They don’t stick to what they know.”
The 53-year-old approached his career with the goal of making money and bucking the popular sentiment in the 90s that musicians shouldn’t aspire to be billionaires.
“It was the greatest trick in music that people have ever done, to convince artists that you can’t be an artist and make money,” he said.
“Hip-hop has always been aspirational from the start. It always breaks the notion that an artist also can’t think about money.”
At the end of their conversation, Buffett said that soon, young people will be looking to Jay-Z for advice on making money. Buffett predicts Jay-Z will teach in much larger classrooms than he has ever taught.
“For young people growing up, he (Jay-Z) is someone to study,” said the legendary investor.
[Gambas:Video CNBC]
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(Zephanya Aprilia/ayh)
source: www.cnbcindonesia.com
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