Jay-Z finalized a deal to sell 80% of Tidal to his friend Jack Dorsey Friday morning.
Jack Dorsey is the CEO of Square, a financial services company which he plans to run Tidal under, and he is also the CEO of Twitter.
Jack announced his plans for Tidal in March on Twitter.
Along with 80% ownership of Tidal, Square gets licensing deals with the major record labels and all the artists/owners who partnered with Tidal will stay with the company.
Tidal launched in 2015 for $56 million in a partnership with several artists, including Beyonce, Rihanna, Kanye West, Madonna, Alicia Keys, Calvin Harris, Chris Martin, and others.
A $294 million flip in 6 years is amazing.
According to sources, Jay-Z and Roc Nation CEO Desiree Perez, who helped broker the deal, will stay on board to help run Tidal.
Jack and Jay-Z are real friends, they’ve been seen several times hanging out together in the Hamptons.
Congratulations to Jay-Z and Jack Dorsey!