JAY-Z Buys Stake In Luxury Watch Marketplace Wristcheck

JAY-Z is the rap businessman. Other artists have been successful, but nobody else has made the business side of things such an explicit part of their persona. He backs up in real life, too. The Brooklyn icon has invested in the luxury watch marketplace Wristcheck. He bought a $5 million in the company, which was founded by Austen Chu in 2020. The rapper joins a prestigious list of Wrist Check investors, including Alibaba Entrepreneurs Fund, K3 Venture and Gobi Partners GBA.

Austen Chu announced the deal on July 3. He issued a statement praising JAY-Z and his exposure he’s given to luxury watches in his lyrics. He also cited the rapper as an inspiration on his business mindset. “As an entrepreneur, JAY-Z has always been an inspiration to me,” he wrote. “I remember growing up to his music. His lyrics not only introduced me to watch brands like Audemars Piguet, but also fueled my love for watches even further… He bridged the gap between watches and pop culture.”

Read More: Beyonce Shares Lavish New Vacation Pics With Jay-Z

Wristcheck CEO Praised JAY-Z’s Enormous Influence

The praise didn’t stop there. Chu also cited JAY-Z’s enormous influence as something that will boost the Wristcheck profile moving forward. “[He’s] the most influential celebrity watch collector of the 21st century and a certified G.O.A.T.,” Chu explained. “His support carries immense weight both personally and professionally. It’s a testament to the trust and community we’ve built. And marks a major milestone in cementing Wristcheck as the go-to platform for watch enthusiasts worldwide.”

Chu is not wrong in overstating JAY-Z’s association with watches. The rapper has spent decades putting fans onto brands and names they wouldn’t have heard otherwise. The association even applies to other rappers. N.O.R.E. claimed that he always consults Jay before he buys a new watch. “I won’t buy a watch unless I speak to certain people,” he told the Wrist Check podcast. “JAY-Z’s top of the list. He does not answer me all the time. But I think that’s respect. I think that if he doesn’t like the watch, he won’t say, ‘N.O.R.E., don’t do that.’”

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Lil Durk Faces $12 Million Lawsuit Over Alleged Song Rights Fraud

Chicago rapper Lil Durk finds himself entangled in a legal battle with Exceed Talent Capital. The startup claims the artist committed “fraud” by granting song rights to two different companies. The lawsuit alleges that Lil Durk’s actions resulted in over $12 million in damages for the firm. The lawsuit contends that Lil Durk entered into an agreement with Alamo Records long before his association with Exceed. Implying that the assertions and guarantees made in the contract with Exceed were deliberately false when they were initially presented by the defendants.

Furthermore, Exceed says that it paid Lil Durk for the exclusive rights to transform his track “Bedtime” into a fractional investment opportunity. However, the startup claimed to be blindsided when it discovered that the rapper had an exclusive deal with Alamo Records. The lawsuit contends that despite contractual assurances from Durk regarding his rights to the recording, it was revealed that he had already assigned those exact rights to a third party. The fintech startup found out of the discrepancy when Alamo Records issued a cease-and-desist letter to Exceed Talent Capital in May. The label informed them that Durk was under an exclusive recording agreement. Emphasizing that he had no authority to sell his recording royalties to any other entity.

Read More: Kanye West Is Attempting To Buy Out Lil Durk’s Label Contract: Details

Lil Durk Being Sued

ATLANTA, GEORGIA – OCTOBER 25: Rapper Lil Durk performs during Morehouse & Spelman College Homecoming 2023 at Morehouse College on October 25, 2023 in Atlanta, Georgia. (Photo by Prince Williams/WireImage)

Faced with this legal hurdle, Exceed demanded that Lil Durk find the situation or refund the $450,000 already paid. However, according to the lawsuit, the rapper allegedly ignored these pleas. The fallout from this legal affair proved costly for Exceed Talent Capital. The lawsuit claims that the startup had to cancel the sale after already investing “significant time, effort, and financial resources.” They also had to go through the trouble of securing approval from the Securities and Exchange Commission. The damages are estimated to exceed a staggering $12 million, leaving Exceed in a precarious position.

Ironically, Lil Durk has enjoyed success on the charts. Reaching No. 2 on the Hot 100 earlier this year with “All My Life.” However, his alleged behind-the-scenes maneuvers have sparked legal turmoil. Moreover, the alleged fraudulent actions surrounding the song rights of “Bedtime” have jeopardized Exceed Talent Capital’s financial standing. But, it also raised questions about the transparency and contractual obligations within the music business. The fallout from this lawsuit could have lasting implications for both the artist and the broader landscape of artist-fintech relationships.

Read More: Spotify Wrapped: Lil Durk Angers User By Taking Over Her Round-Up Despite Not Streaming Him

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