Los Angeles, June 4 (IANS) Rapper Jay-Z is the first hip-hop artist to become a billionaire, according to Forbes.
The Forbes magazine in an article published on Monday, opens by recalling a 2010 meeting between the rapper and billionaire Warren Buffet, from which the octogenarian came away impressed, reports variety.com
“Jay is teaching in a lot bigger classroom than I’ll ever teach in. For a young person growing up, he’s the guy to learn from,” Buffet said.
Less than 10 years later, the magazine has surveyed Jay-Z’s empire – which spans music, a streaming service, liquor, art real estate and stakes in other companies – and determines that it “conservatively totals $1 billion”.
It also notes that he built his own brands: the Rocawear clothing line (sold for $204 million in 2007); D’Ussé, a cognac he co-owns with Bacardi; Tidal, the music-streaming service; and his multifaceted Roc Nation music and sports empire.
The artiste’s primary holdings follow, which Forbes calculated by “looking at the artist’s stakes in companies like Armand de Brignac champagne – applying our customary discount to private firms – then added up his income, subtracting a healthy amount to account for a superstar lifestyle”, which were then vetted by “a roster of outside experts”.