Jay-Z Tweets for First Time in Over Two Years, Sells Majority of Tidal to Tech Company Square Inc.
Jay-Z is making more power moves.
Hov returned to Twitter for the first time in over two years on Thursday (March 4) to announce a huge business deal. Jay-Z is selling a majority stake of his TIDAL streaming service to payments tech company Square Inc. and its owner, CEO Jack Dorsey, who's also cofounder and chief executive of Twitter. As part of the deal for Tidal, Square will pay $297 million in cash and stock. Jay-Z, who owns part of TIDAL, will be on Square’s board of directors.
"I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey," Jay-Z tweeted about the deal. "Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!"
Jack Dorsey, who also owns Twitter, commented on the acquisition on Twitter. "Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board," Dorsey tweeted.
He continued, "Why would a music streaming company and a financial services company join forces?! It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at the intersections, and we believe there’s a compelling one between music and the economy. Making the economy work for artists is similar to what Square has done for sellers."
TIDAL launched six years ago and was promoted as the most artist-friendly streaming service. In 2016, Apple was in talks about buying the platform. In 2017, Sprint purchased a 33 percent stake in the company. That is not to say everything has been all good with the streaming service, which has had several CEOs and been hit with multiple lawsuits.
This new deal comes on the heels of Jay selling a 50 percent stake in his Ace of Spades champagne line to Moet Hennessy last month.
See Jay-Z and Jack Dorsey's tweets announcing the new Tidal partnership below.
See Jay-Z and Jack Dorsey's Tweets About the TIDAL and Square Partnership
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