Jay-Z built his billion-dollar empire through a handful of business endeavors after breaking into the music industry in the 1990s.
Born Shawn Carter, the “Renegade” rapper became hip-hop’s first billionaire in 2019 and, as of 2024, is estimated to be worth $2.5 billion, according to Forbes.
With his hands in a number of profitable ventures, including partnerships with the NFL, a music streaming service and a global entertainment agency, it remains to be seen if any of his businesses will be affected by allegations that Jay-Z raped a minor with Sean “Diddy” Combs after the 2000 MTV VMAs.
On Friday, Jay-Z and Combs’ sexual assault accuser, known as Jane Doe, sat down with NBC News and admitted to making “some mistakes” when recounting allegedly being sexually assaulted by two rap moguls 24 years ago. However, the Alabama woman maintains that the accusations she has made against the two men are true.
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Jay-Z built a billion-dollar empire through music and business ventures. (Karwai Tang)
Jay-Z’s music career spans across three decades and includes 13 studio albums, beginning with his “Reasonable Doubt” catalog. He has earned 24 Grammy Awards and is tied with Kanye West for the most wins by a hip-hop artist.
“Hip-hop from the beginning has always been aspirational,” he told Warren Buffett in a 2010 Forbes interview. “It always broke that notion that an artist can’t think about money as well.”
He created his own record label, Roc-A-Fella Records, in 1994, which was then sold to Def Jam for $10 million in 2004.
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“Hip-hop from the beginning has always been aspirational. It always broke that notion that an artist can’t think about money as well.”
His music catalog of nearly 300 songs was valued at $95 million in 2021, according to Forbes, with Jay-Z owning both master recordings and publishing rights.
Jay-Z has a catalog of 13 albums with nearly 300 songs to his name. (Getty Images)
The “Takeover” rapper founded his own entertainment agency, Roc Nation, through a partnership with Live Nation in 2008 and in 2017, he extended the agreement another decade in a $200 million deal, according to Variety.
He then brought Roc Nation into the sports realm with a five-year deal with the NFL to restructure the Super Bowl halftime show as part of the NFL’s Inspire Change initiative of social activism. The deal was recently extended.
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Following the release of the rape allegations, NFL Commissioner Roger Goodell said while he was aware of the claims, he was not concerned about Jay-Z’s relationship with the league.
NFL commissioner Roger Goodell, left, announced a partnership with Jay-Z and Roc Nation in 2019. (Kevin Mazur)
“We’re aware of the civil allegations and Jay-Z’s really strong response to that,” Goodell said Wednesday after the NFL’s winter meetings. “We know the litigation is happening now. From our standpoint, our relationship is not changing with them, including our preparations for the next Super Bowl.”
Jay-Z sold a 50% stake in his French champagne Armand de Brignac (Ace of Spades) to luxury fashion giant LVMH in 2021, which Forbes reported valued the liquor brand at $640 million.
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Shortly after, he made a deal to sell a majority stake in his music streaming company, Tidal, to former Twitter owner Jack Dorsey’s online payment company, Square, for $297 million.
Jay-Z, left, sold a majority stake in Tidal to Jack Dorsey, the former owner of Twitter. (Andrew Kelly/Cole Burston/Bloomberg via Getty Images)
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One day after the “Run This Town” rapper was implicated in the sexual assault case, Jay-Z filed a motion to dismiss the lawsuit, according to documents obtained by Fox News Digital. He also requested the court to deny the plaintiff’s request to proceed anonymously.
Jay-Z’s powerhouse lawyer, Alex Spiro, most recently represented Alec Baldwin in his involuntary manslaughter trial.
Combs, his longtime friend, was charged with racketeering conspiracy, sex trafficking by force, fraud or coercion, and transportation to engage in prostitution in a federal indictment unsealed on Sept. 17.
Authorities alleged Combs ran a criminal enterprise through his businesses, including Bad Boy Entertainment, Combs Enterprises and Combs Global, among others. He used “firearms, threats of violence, coercion and verbal, emotional, physical, and sexual abuse” to fulfill his sexual desires, according to the unsealed indictment obtained by Fox News Digital.
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Sean “Diddy” Combs pleaded not guilty to sex crimes and is currently in jail awaiting a May trial. (Shareif Ziyadat/Getty Images for Sean “Diddy” Combs)
“Freak Offs” were “elaborate produced sex performances that Combs arranged, directed, masturbated during, and often electronically recorded,” according to the indictment. Combs and his staff allegedly transported commercial sex workers across state lines and internationally for the “Freak Offs,” which regularly occurred and sometimes lasted multiple days, often including multiple sex workers, the indictment said.
While the “Last Night” singer has maintained his innocence, if found guilty, he faces a minimum of 15 years behind bars or a maximum sentence of life in prison.
Judge Arun Subramanian scheduled Combs’ trial to begin on May 5. The prosecution expects the government’s case to take three weeks to lay out, while Combs’ legal team estimated needing one week to argue the rapper’s defense.
Tracy Wright is a reporter for Fox News Digital. Story tips can be sent to [email protected].
https://www.foxnews.com/entertainment/jay-zs-empire-what-billionaire-stands-lose-he-faces-sexual-assault-accusation
