![]() “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. “It comes down to one simple idea: finding new ways for artists to support their work,” said Square CEO Jack Dorsey, in a statement. Well, for starters, even though he no longer owns the majority stake in the company (Square got 80 percent of the company in the deal), Hova (real name: Shawn Carter) will join Square’s Board of Directors, while Square executive Jesse Dorogusker will lead in the interim until a new Head of TIDAL is found.Īnd even though Square will now own the licensing deals with the major record labels, the existing shareholders - a music industry who’s who that includes the likes of Beyoncé, Rihanna, Kanye West, Madonna, Alicia Keys, and Nicki Minaj - will continue to be shareholders in the company, and it’s not expected that their financial status or ownership will change. ![]() So now that Jay-Z no longer owns TIDAL, what does that mean for his interest in the company? ![]() The deal turns over the majority of the shares of TIDAL to Square, thus fully releasing Hova of all financial responsibilities of the app.ĭorsey first announced that Square would be acquiring TIDAL last month. According to Rap-Up, the hip hop great-turned-business mogul has finalized the deal to sell the streaming service to the Jack Dorsey-owned Square for a hefty $302 million.
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