Princewill Pius
Full disclosure: We’re not a math whiz by any stretch of the imagination. That being said, we do have a pretty good idea of where Jay-Z invested his money and how these dealings could hurt his wallet amid this pandemic. First up is his stake in Uber, which is reportedly worth $70 million, per Forbes. The company hit a road bump on March 17, 2020, when it announced the suspension of its carpool services to contain the spread of COVID-19. This resulted in shares of Uber dropping down 6.8 percent to $18.91 per share that same day, per CNBC. Considering all of the shelter in place orders across the United States, Uber could take an even bigger hit down the line.
Taking a look at Jay-Z’s other companies like his full-service entertainment company, Roc Nation, and his liquor venture, D’Usse, we predict potential losses in the future. Roc Nation’s artists can’t put on concerts for the time being, and the company’s partnership with venue operator Live Nation is seemingly stalled due to the coronavirus. Live Nation announced March 13, 2020, that “large-scale events through the end of March be postponed,” per The New York Times. And as for D’Usse, we’re not sure if Americans will be able to fork over $50 for a 750 ml bottle of Jay-Z’s famous cognac in the coming months.
The bottom line here? It seems like, to some extent, Jay-Z’s financial future will be impacted by this pandemic.
Written by: Nicki
