Twitter Founder, Jack Acquires $297 Million Stake In Jay Z’s Tidal
Square, a digital payment firm owned by Twitter’s founder, Jack Dorsey has acquired Tidal, the audio and video music streaming service, owned by Hip-hop mogul Jay-Z for a $297 million deal.
This is coming weeks after Jay-Z announced that he would sell 50 percent of his champagne company, Armand de Brignac — better known as Ace of Spades — to LVMH Moët Hennessy Louis Vuitton amid a downturn in the entertainment industry caused by the pandemic that has affected some of Jay-Z’s holdings.
Dorsey announced the groundbreaking deal on Twitter, adding that as part of the deal, Jay-Z will move to Square’s board of directors.
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He also said Tidal’s artist owners will co-own the platform as the second-largest group of shareholders. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj, and Rihanna.
“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. 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,” Dorsey said.
“TIDAL will continue to be the best home for music, musicians, and culture. Our commitment to you is to constantly listen, learn, and work to make a service you love.
“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.”
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.
— jack (@jack) March 4, 2021
Square started 12 years ago by giving small sellers a simple tool in order to participate more fully in the economy and grow. We did the same for individuals with Cash App, which now enables a comprehensive set of financial services for folks who weren’t able to access it before.
— jack (@jack) March 4, 2021
TIDAL started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art. It's refreshing and right. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid.
— jack (@jack) March 4, 2021
