bacardi

Forbes Gives ‘Real-Time’ Update of JAY-Z’s Net Worth to $2.5B

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jay z team roc

That’s another B. JAY-Z is still the richest rapper on the planet. In a new update to Forbes, JAY-Z’s real-time net worth is $2.5 billion.

The new figure brings in money made from his Armand de Brignac champagne and D’Usse cognac. The success comes without Hov dropping a new album or going on tour.

In February, news broke that JAY-Z reached an agreement in his legal battle with D’USSE. We now have a number.

According to Bloomberg, HOV and Bacardi were able to close the multi-billion dollar lawsuit with the brand purchasing Jay’s purchasing stake in the company for $750 million. Hov will retain a “significant ownership stake,” signaling a purchase of JAY-Z’s majority stake.

“Growing D’USSÉ over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” JAY offered in a statement. “The next phase of this journey will further cement D’USSÉ’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.”

Near the close of 2022, the Hip-Hop mogul and his company, SC Liquor, attempted to pull the financial records of his 50/50 partnership with Bacardi over D’Usse.

According to TMZ, the partnership between Hov and Bacardi launched in 2011, and Hov was looking to receive all books, records, and warehouses storing D’Usse barrels, bottles, and accessories. Hov also wanted details of the physical inventory and the process.

The suit reads that Hov’s company wants to “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” a partner.

The post Forbes Gives ‘Real-Time’ Update of JAY-Z’s Net Worth to $2.5B appeared first on The Source.

JAY-Z Reportedly Sells His Controlling Stake in D’USSE for $750 Million

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jay z team roc

Last week, news broke that JAY-Z reached an agreement in his legal battle with D’USSE. We now have a number.

According to Bloomberg, HOV and Bacardi were able to close the multi-billion dollar lawsuit with the brand purchasing Jay’s purchasing stake in the company for $750 million. Hov will retain a “significant ownership stake,” signaling a purchase of JAY-Z’s majority stake.

“Growing D’USSÉ over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” JAY offered in a statement. “The next phase of this journey will further cement D’USSÉ’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.”

Near the close of 2022, the Hip-Hop mogul and his company, SC Liquor, attempted to pull the financial records of his 50/50 partnership with Bacardi over D’Usse.

According to TMZ, the partnership between Hov and Bacardi launched in 2011, and Hov was looking to receive all books, records, and warehouses storing D’Usse barrels, bottles, and accessories. Hov also wanted details of the physical inventory and the process.

The suit reads that Hov’s company wants to “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” a partner.

The post JAY-Z Reportedly Sells His Controlling Stake in D’USSE for $750 Million appeared first on The Source.

Jay-Z Ends Legal Battle With Bacardi

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One of hip-hop’s most successful businessmen can now rest a little easier at night, if he wasn’t so busy. Jay-Z recently ended his legal battle with Bacardi over their ownership of the D’usse cognac brand. Moreover, the rapper’s lawyers apparently demanded more transparency from the liquor company when it came to handling the cognac brand. Still, the two reached an agreement and Bacardi bought much of Hova’s shares in D’usse, securing a majority interest. Meanwhile, Jay still maintained a “significant ownership stake” as part of this new deal.

NEW YORK, NEW YORK – JULY 07: Jay-Z seen out and about in Manhattan on July 07, 2022 in New York City. (Photo by Robert Kamau/GC Images)

However, the two parties previously shared a 50-50 split of D’usse for over a decade. When the New York legend believed Bacardi mismanaged the company, he sought to buy out D’usse as a whole. Then, Bacardi offered Jay $500 million for his stake, and he asked for $1.5 billion instead. As they couldn’t reach an agreement, the 53-year-old sued the rum magnates for their mishandling of D’usse last year. Also, he filed paperwork to move the suit to the company’s headquarters in Bermuda. After months of litigation, both parties just announced a new deal to reconcile these differences.

“Growing D’usse over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” Jay-Z stated via a press release. “The next phase of this journey will further cement D’usse’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.” While they didn’t disclose many terms of the agreement, Bloomberg suggested it cost at least $750 million. “We have deep respect for [Jay-Z’s] creativity and business acumen,” the liquor company stated to Bloomberg. ‘[We] are proud of our accomplishments in establishing D’Usse as a leader in an exciting and competitive category.”

Meanwhile, the “99 Problems” MC remains as successful, sought-out, and impressive on the mic as ever. In fact, Hov fans should be quite excited for his upcoming Grammys performance of “GOD DID” with DJ Khaled. Let us know in the comments what you think about Jay-Z’s business moves with Bacardi down below. Also, as always, come back to HNHH for the latest on Jay-Z and more crossovers in hip-hop and business.

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D’Usse Deal Done: JAY-Z and Bacardi Reach Agreement Over Signature Spirit

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jay z team roc pressure on doj

The legal battle between JAY-Z and Bacardi has reached a close as the two sides have entered a long-term agreement.

According to Complex, the agreement sees Bacardi acquiring a majority interest in the multibillion-dollar brand. Hov will retain a “significant ownership stake,” signaling a purchase of JAY-Z’s majority stake. In previous reports, JAY-Z owned 50 percent of the brand.

“Growing D’USSÉ over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” JAY offered in a statement. “The next phase of this journey will further cement D’USSÉ’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.”

Near the close of 2022, the Hip-Hop mogul and his company, SC Liquor, attempted to pull the financial records of his 50/50 partnership with Bacardi over D’Usse.

According to TMZ, the partnership between Hov and Bacardi launched in 2011, and Hov was looking to receive all books, records, and warehouses storing D’Usse barrels, bottles, and accessories. Hov also wanted details of the physical inventory and the process.

The suit reads that Hov’s company wants to “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” a partner.

The post D’Usse Deal Done: JAY-Z and Bacardi Reach Agreement Over Signature Spirit appeared first on The Source.