Home » African-American billionaire Shawn ‘Jay-Z’ Carter gains over $300 million since LVMH deal in 2021

African-American billionaire Shawn ‘Jay-Z’ Carter gains over $300 million since LVMH deal in 2021

by Feyisayo Ajayi

Shawn “Jay-Z” Carter, an African-American businessman and hip-hop’s first billionaire, has seen his net worth increase by $300 million since 2021 when French luxury holding conglomerate Moet Hennessy Louis Vuitton (LVMH) acquired a 50-percent stake in his Champagne brand, Armand de Brignac.

Since February 2021, when LVMH signed a partnership deal with his Champagne brand, the rapper turned businessman and investor’s net worth has increased from $1 billion to $1.3 billion at the time of writing this report.

This amounts to a $300-million gain for the African-American hip-hop artist, whose assets include the entertainment company Roc Nation, stakes in Armand de Brignac and D’Usse cognac, and a fine art collection.

Following the sale of a 50-percent stake in Armand de Brignac, also known as the “Ace of Spades,” Jay-Z received a total of $297 million in cash and stock from Square, a U.S. mobile payments company established by Twitter Founder and former CEO Jack Dorsey in exchange for a majority stake in his music streaming platform, Tidal.

Nearly two weeks ago, the legendary entertainer teamed up with Dorsey to launch “The Bitcoin Academy,” an educational program advocating for the democratic vision that “education is power.”

This comes nearly a year after the two entrepreneurs co-founded a Bitcoin fund aimed at increasing cryptocurrency adoption in Africa and India.

The program, which began on Wednesday and will run until Sept. 7 with options for in-person and online attendance, will be instructed by Lamar Wilson of the Black Bitcoin Billionaire and Najah J. Roberts of the Crypto Blockchain Plug.

The free educational program, which is available to children aged five to 17, is intended to improve access to financial information and promote inclusive opportunities.

Photo: Shawn ‘Jay-Z’ Carter Foundation Carnival 2011. Joella Marano from Manhattan, NY https://bit.ly/39PnK83

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