Jay-Z Closes The Deal
Jay-Z is always making money moves, and the move he just made might of just made history.
A few months back in March majority of Tidal owner Jay-z made the big announcement he is selling his share of the streaming platform. Who did Hov recently sell it to you ask? He sold the streaming service to Square’s owner Jack Dorsey.
“I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” Jay-Z shares.
“Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
“It comes down to one simple idea: finding new ways for artists to support their work,” Jack Dorsey says. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
The deal was closed a few days ago on Friday (April 30th,) for $350 million. Being Jay owner the majority of Tidal, this also means Twitter and Squares owner Jack Dorsey owns 80% of the streaming platform.