Tag: Jay-Z

Rap mogul’s high-stakes gamble falls short as Indiana Pacers take 2-1 series lead

JAY-Z is taking a loss — not in music, but in sports betting. The billionaire mogul wagered $1 million that the Oklahoma City Thunder would defeat the Indiana Pacers in just five games to claim the NBA Championship, but that bet officially collapsed after the Pacers won Game 3, taking a 2-1 lead in the Finals series.

The bold bet, placed through Fanatics Sportsbook, would have netted JAY over $3 million if it had paid off. But with Indiana already claiming two victories, the 4-1 outcome is now off the table — and so is his seven-figure stake.

Fortunately, the blow is cushioned. JAY-Z is not only a partner in Fanatics but also has close business ties with the company’s founder, Michael Rubin. The two are also collaborators in the REFORM Alliance, a criminal justice reform group that frequently hosts celebrity-packed fundraising events.

One such event in 2023 — a 007-themed blackjack night in Atlantic City — featured performances from Travis Scott and Quavo, and drew in stars like Tom Brady, Kim Kardashian, and Derek Jeter, with buy-ins starting at $100,000.

Though the Thunder bet didn’t hit, it’s safe to say Hov won’t be hurting.

Jay-Z’s label introduces new ways for fans to profit from music with innovative partnership

JAY-Z’s Roc Nation is shaking things up in the music industry with a groundbreaking collaboration with South Korean fintech company Musicow. The partnership, reported by Billboard, will give American fans the chance to invest in music royalties — a move described as the first of its kind in the U.S. as a Music Equity Service Provider (MESP).

The new service allows fans to invest in and earn revenue from the royalties of tracks by their favorite artists. Music rights owners can trade royalty shares, while creators can sell fractional shares of their tracks, opening up a whole new stream of income for both artists and their audiences.

Roc Nation’s Vice Chairman, Jay Brown, emphasized that this service aims to create a shared ecosystem where fans and creators benefit. He stated: “Our mission is not only to support and empower artists by providing the tools and services they need to build a better music ecosystem but also to give everyone access to the financial opportunities the music industry offers.”

Musicow’s CEO, Woo Rhee, echoed that sentiment, calling the collaboration an incredible opportunity to innovate and redefine the industry’s future.

The platform isn’t live yet, but the official launch is in March. This will give fans and creators something to look forward to as the music industry evolves.

Additionally, the partnership comes amid other big moves from Roc Nation, including Fat Joe’s 2017 decision to join the company. In a recent interview, Fat Joe shared that Desiree Perez made the deal even sweeter, sitting him down and getting him a deal worth $3.5 million—triple what he had initially negotiated.

Judge grants request to file for dismissal in the lawsuit accusing the rap mogul of raping a 13-year-old girl 25 years ago

JAY-Z is allowed to press forward with his latest motion to have his rape lawsuit dismissed, a judge has ruled.

Judge Analisa Torres granted a request on Thursday (January 2) from the rap legend and his legal team to be able to file a dismissal motion for the bombshell lawsuit, which accuses Hov of raping a 13-year-old girl alongside Diddy 25 years ago.

The request was opposed by the anonymous accuser’s attorney, Tony Buzbee, and the woman has until the end of February to file a counter.

JAY-Z’s lawyer, Alex Spiro, had already laid out his argument for why the suit should be dismissed in an earlier filing, citing legal loopholes regarding the time and location of the alleged rape.

In it, Spiro insisted that the woman’s claim doesn’t fall under the “lookback” window of New York City’s Victims of Gender-Motivated Violence Protection Act (GMVA) as the alleged assault occurred several months after the law was established.

“Plaintiff asserts a violation of the GMV Law for conduct that purportedly occurred in September 2000. But the GMV Law was not enacted until December 19, 2000, three months after the FAC claims the conduct occurred, and cannot apply retroactively to create a cause of action unavailable to Plaintiff at the time in question,” the filing reads.

Spiro further argued that the lawsuit should be tossed because the GMVA statute only applies to incidents within city limits, whereas the woman claims she was raped at a property that Spiro says “would have been located outside the territorial boundaries of New York City.”

The plaintiff alleges she was raped at an afterparty hosted by Diddy at a “large white residence with a gated U-shaped driveway” roughly 20 minutes away by car from NYC’s Radio City Music Hall, where the 2000 MTV Video Music Awards were hosted earlier that night.

Spiro held a press conference at Roc Nation’s headquarters earlier this month where he presented evidence that he says refutes the claims against his client.

During his presentation, the attorney showed photos of JAY-Z at a different event to the one his accuser said he was at and claimed that none of the properties owned by Puffy at the time matched that of the description in the lawsuit.