Jay Z is proving to be the master businessman.
The rapper and hip-hop record executive’s latest investment in music streaming service, Tidal, is paying off big time as the company he bought majority shares in has surged on the stock exchange.
In what appeared to be an attempt by investors scrambling to get a piece of Aspiro, which owns Tidal, shares went up 938 percent.
JAY Z DEBUTS MUSIC STREAMING BUSINESS, TIDAL
Some of the world's biggest music stars, such as Rihanna and Nicki Minaj, came out Tidal’s New York launch. The streaming service dubs itself as the first service of its kind to be owned by artists.
The star-studded likely peaked interest in Aspiro's stock, Reuters reports, lifting it to a level where buyers are set to see losses of some 90 percent given the shut out after Jay-Z's $54 million acquisition of the company.
Jay Z’s team at Tidal is reportedly fighting to win exclusive rights to release artists’ music ahead of others.
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