AceShowbiz - Jay-Z has completed the sale of his streaming service Tidal to Jack Dorsey's financial services company, Square.
The rap mogul launched the concept six years ago with a star-studded media event featuring his wife Beyonce, Madonna, Alicia Keys, and Kanye West, and now insiders claim he has sold the majority of the company for $350 million (£253 million).
The deal went down on Friday morning (30Apr21), according to TMZ.
Twitter co-founder Jack announced he was planning to buy Tidal from pal Jay-Z in March (21).
Square picks up 80 per cent of the ownership of Tidal, along with licensing deals with the major record labels and all the artists/owners will remain with the company too.
JAY-Z and his Roc Nation CEO Desiree Perez will reportedly help the new owners run Tidal.
The rap mogul and the Twitter boss have also teamed up to fund bitcoin development in cash-strapped countries like Africa and India.
Founded in 2009, bitcoin is the world's first decentralized cryptocurrency. Proponents favour the digital currency because it works without the use of banks and governments.
One of Bitcoin's early investors is Ashton Kutcher.
His wife Mila Kunis recently revealed that the actor asked for her advice before deciding on the investment.
"He sat me down and was like, 'Hey, I got to explain this to you, tell me if I'm crazy... there's this thing, it's like mining for money, it's called cryptocurrency; it's called Bitcoin,' " she recalled their conversation.
However, Mila turned her nose up, telling Ashton it was a "horrible idea" but the businessman responded, "Cool, we're investing in it!"