Jay Z Joins Twitter CEO Jack Dorsey On Square Board Of Directors

Jay-Z, whose official name is Shawn Carter, has just been added as a board member of Square Inc. after the company closed a deal with Tidal.

Beyonce’s husband is the co-founder and majority owner of Roc Nation LLC, an entertainment company from which Square Inc. will sublease nearly 16,000 square feet of office space in New York City for $1.5 million annually.

The company has the option to extend the sublease for two additional six-month terms.

Additionally, Roc Nation and Square Inc. have also reached a marketing agreement that will give the former a $200,000 commission.

RELATED: Jay-Z Officially Closes $350 Million Sale Of Tidal

In March, Square Inc. announced that they would buy a majority stake in Tidal for $297 million. And they will also make Carter a board member after they close the deal.

On April 30, Square Inc.’s subsidiary Vandutch Acquisition Corp closed the deal for approximately $302 million. Shortly after, Twitter CEO Jack Dorsey released a statement saying that he’s grateful for Jay-Z’s contributions and leadership.

“Square is acquiring a majority ownership stake in TIDAL through a new joint venture, with the original artists becoming the second largest group of shareholders, and JAY-Z joining the Square board. Why would a music streaming company and a financial services company join forces?!” Dorsey tweeted.

“TIDAL started with the idea of honoring artists by being artist-owned and led, focused on an uncompromised experience of the art. It’s refreshing and right. The vision only grows stronger as it’s matched with more powerful tools for artists, inclusive of new ways of getting paid,” he wrote in a follow-up tweet.

Tidal is a music-streaming platform that charges users $10 per month. The streaming site also offers a $20 per month option for users who wish its lossless hi-fi audio feature. The company will now operate independently and directly under Square Inc.

Meanwhile, Jay-Z’s latest venture is expected to increase his already massive $1.4 billion net worth. In fact, SCMP revealed that the rapper’s income already swelled by 40 percent after he was named as one of members of the board of directors.

This massive increase in Jay-Z’s net worth took place within just three weeks. So, it’s highly likely for the rapper to generate more income from the partnership alone in the coming months.

While speaking with Style (via SCMP), Jay-Z said that he’s very fortunate to be working with the best of the best.

“I’m very fortunate. Jack Dorsey, who created Twitter, Square, and Cash App, and Philippe [Schaus] and the guys who created LVMH – you couldn’t ask for better partners; they’re the top of the top. [Things] usually align like that when people do really great things. You could get into partnerships and people short-change the business for different reasons. These guys don’t cut corners, they try to get it right. It’s about respect,” he said.