Here’s How Much JAY-Z Just Made In TIDAL Mega-Sale To Jack Dorsey’s Square As Deal Is Finally Closed! The grand-sale of JAY-Z’s streaming service TIDAL to Jack Dorsey’s Square is officially complete. According to TMZ who broke the news on Friday (April 30), revealed that Jay-Z sold a majority stake in his company to Square, a financial services platform, for $350 million. Though JAY-Z and Dorsey announced the new venture last month, the outlet reports that the two entrepreneurs finally sealed the deal today morning.
TMZ reports that Square acquired up to 80% ownership in TIDAL in addition to licensing deals with the major record labels and recording artists who are attached to the company. JAY-Z and Roc Nation CEO Desiree Perez, who reportedly oversaw completion of the mega-sale, will stay on as board members to oversee TIDAL.
“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 said through a tweet back in March after announcing the majority stake sale. “Artists deserve better tools to assist them in their creative journey.”
The sale marks a major return on investment for Roc Nation Boss, who initially launched TIDAL back in 2015 with $56 million. Back then, he started the streaming platform as a partnership with a number of high-profile artists, namely; his wife Beyoncé, Kanye West, Rihanna, Madonna, Alicia Keys, and more.
Jay-Z began making money off the investment almost immediately, after selling a 33 percent stake in the company to Sprint back in 2017 for an unspecified sum.
“Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future,” he added. “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!”