Jay-Z has sold the majority of his music streaming platform to Square, who is owned by Twitter founder Jack Dorsey.
Jay hopped on Twitter to explain the decision. “I’m grateful for Jay’s vision, wisdom, and leadership. I knew Tidal was something special as soon as I experienced it, and I’m inspired to work with him. He’ll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes,” he tweeted.
“Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us. We’re going to start small and focus on the most critical needs of artists and growing their fanbases,” Dorsey tweeted.
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Last week, Jay-Z sold half of his high-end champagne company Armand de Brignac to luxury giant LVMH’s wine and spirits division, Moët Hennessy. He did not reveal how much he earned from the sale.