News — Jay Z

Zedekiah Lukoye, the Kenyan fashion designer and CEO of California-based Blkkburd Genes, has rendered an apology to the management of the Lamu Riyadha Mosque after they registered their displeasure over his T-shirt design bearing an image of the scared and historic monument.

The management of the mosque had earlier issued a statement accusing him of committing a sacrilegious act after legendary rapper Jay-Z was recently spotted wearing the T-shirt in question during an outing in California, nation.africa reported. The mosque also referred to another Facebook post in February that reportedly showed another man wearing a Riyadha Mosque T-shirt while performing at a bar and expanded on why Jay-Z even wearing it isn’t something for them to brag about.

“We don’t consider this an honour, nor a privilege, for the historical mosque and its Founder Habib Swaleh for its imagery to be portrayed in such a way,” the statement read. “Bars and clubs are an affront to the spiritual respect and dignity of the mosque, its founder, to the congregation, and the general Muslim community within and outside Lamu.

“We therefore politely request you to show respect for the mosque by removing our Mosque’s portrait on the shirt, to show us that you really do respect the people of Lamu and the Mosque,” the statement added.

Following the rebuke, Lukoye, in a letter to the management of the mosque, issued an apology explaining that he had no knowledge showcasing the mosque on the T-shirts will be deemed as unholy.

“In this respect, we are willing to make this right with you. We will make sure to remove all the inappropriate portrayal of Riyadha Mosque Lamu on our T-shirts,” he wrote, adding that he had also informed those who have the said shirts to respect the sanctity of the mosque as well as Muslims “by not wearing it in bars nor clubs if they happen to decide to wear it,” nation.africa reported.

Lukoye also explained the mosque wasn’t printed on the T-shirts to cause any controversy but was solely for educational purposes. “Since we only produced 20 T-shirts for some of our celebrity friends and family, we will not be reprinting this design,” he said.

Responding to the letter, the Secretary General of the Riyadha Mosque and Islamic Centre, Abubakar Badawy, said they had accepted his apology.

“We received the letter yesterday. The designer and the company have shown remorse and we don’t take that for granted. The apology has been accepted. We are looking forward to partnering with them to promote the good image of Lamu,” Badawy said.

Located on the historic island town of Lamu in Kenya, the Lamu Riyadha Mosque was constructed in 1892 and it is the oldest mosque in the East African nation, according to nation.africa. The sacred mosque was reportedly very instrumental in propagating the teachings of Islam across East and Central Africa. For its historical status, it was declared a national monument by the government of Kenya in 2018.

Jay-Z is probably the busiest Black entrepreneur in the market, making one deal after another. He recently sold half of his champagne brand, Armand de Brignac, to LVMH, the luxury goods company and also launched a marijuana brand.

The rapper is back in the news after selling a majority ownership stake in Tidal audio and video music streaming service to Square, a digital payment platform run by Jack Dorsey.

Square will pay a mix of cash and stock in the value of $297 million and Tidal’s superstar shareholders, including Beyoncé, Madonna and Rihanna will remain in place, making them the second-largest co-owners. Jay-Z will join Square’s board of directors.

“Why would a music streaming company and a financial services company join forces?!,” Dorsey posted on Twitter, confirming the deal. “It comes down to a simple idea: finding new ways for artists to support their work. New ideas are found at intersections, and we believe there is a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.” 

In a thread, the Twitter CEO further explained: “Given what Square has been able to do for sellers of all sizes and individuals through Cash App, we believe we can now work for artists to see the same success for them, and us. We’re going to start small and focus on the most critical needs of artists and growing their fanbases.”

On his part, Jay-Z said TIDAL remains “a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

Jay-Z first acquired Tidal for $56 million in 2015 but the platform has since struggled to keep up with other music streaming services like Spotify and Apple Music. In 2017, Jay-Z announced that he was selling a stake in Tidal to Sprint, a telecoms company.

The $200 investment from Sprint was not enough to keep Tidal afloat as it still struggles to rival Spotify, Apple Music and Amazon Music. According to Forbes, the streaming service’s financial woes have been going on for years. In 2014, it lost $10.4 million, $28 million in 2015 and then nearly $44 million in 2016.

Jay-Z has sold half of his Champagne brand Armand de Brignac to Moët Hennessy, the luxury wines and spirits division of luxury giant LVMH. The acquisition was through a partnership with the rap legend which is anchored on equal stake and a global distribution agreement.

“The 50%-50% structure is an essential element of this alliance and ensures that each of the two partners wants to bring its strengths and expertise,” Moet Hennessy announced in a statement.

According to CNN, the deal comes at a time when LVMH, which owns Moët Hennessy, is working to reach out to diverse customers in the wake of racial criticism against top industry players. In the statement, Moët Hennessy said Armand de Brignac appeals to a global and diverse luxury consumer.

The deal also comes at a time when the coronavirus pandemic has affected the sale of Champagnes due to reduced parties and events across the world. According to CNN, Champagne shipment fell 18% in 2020 compared to 2019. And according to CNBC, this translates into some $1.2 billion of revenue loss.

Armand de Brignac, sometimes referred to as “Ace of Spades”, is popular in North America, Asia, and Europe, with over 500 000 bottles sold in 2019.

“Today, we are incredibly proud to be partnering with them and believe that the combination of our Champagne experience and international network coupled with Shawn JAY-Z Carter’s vision, the strength of the Armand de Brignac brand and quality of its range of prestige cuvées will allow us to take the business to new heights across the world,” said Philippe Schaus, President & CEO of Moët Hennessy.

Neither side disclosed the amount involved in the deal, but Jay-Z intimated on a rap verse on What’s Free by Meek Mill that Armand de Brignac was valued in 2018 at $250 million.

“It is a partnership that has felt familiar the entire time. We are confident that the sheer power of the Moët Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further,” Jay-Z said.

The rapper revealed in an interview with CNBC that the deal was started in 2019 when he hosted a lunch at his house for Bernard Arnault, LVMH’s founder and chairman, and Alexandre Arnault. “It just started out in a place of respect and built from there pretty quickly,” he said.

Jay-Z’s first connection with a Champagne brand was Cristal in 2016. He fell out with the company after its CEO made some racial remarks in an interview with The Economist. That same year, he bought 50% stake in Armand de Brignac with a partner. He later acquired the remaining stake.

Tech investor Shawn “Jay-Z” Carter and Twitter CEO Jack Dorsey are on a mission to make bitcoin (BTC) the internet’s currency. The two billionaires are investing 500 bitcoin into a new endowment called ₿trust. With the rapid rise of bitcoin in the last few weeks, the 500 bitcoin investment is currently worth over $23 million.

Dorsey shared the news on Twitter Friday, announcing that the investment would be used to fund bitcoin development in Africa and India. He noted that the endowment will be set up as a “blind irrevocable trust” and have “zero direction” from himself and Jay-Z.

The duo is searching for three board members to help oversee the endowment. Dorsey shared a board member application with three simple inputs: email address, name, and proof of work.

Two Investors Join Forces

Jay-Z is widely known as a music mogul but he’s no stranger to the investing scene. He’s the co-founder of Marcy Venture Partners, a venture capital firm focused on consumer brands. Last year, the company raised $85 million and had already invested in six companies.

Since 2015, Dorsey has served as the CEO of both Twitter and Square. A few months ago, Square invested $50 million in Bitcoin. The company believes that cryptocurrency is “an instrument of economic empowerment and provides a way to participate in a global monetary system”.

What is Bitcoin?

Founded in 2009, bitcoin is the world’s first decentralized cryptocurrency. It is also the largest cryptocurrency in the world based on market capitalization. Bitcoin provides an efficient and cost-effective way to make financial transactions.

Proponents of bitcoin favor this digital currency because it works without the use of intermediaries like banks and governments. This is all powered by blockchain — a powerful piece of technology that allows uses to exchange value on a public ledger. Many believe that blockchain has the power to transform the world.

Bitcoin is Gaining More Attention

According to CNBC, Tesla bought $1.5 billion worth of bitcoin and plans to accept it as a payment method. This week, Mastercard announced that it would start supporting a select group of cryptocurrencies on their network.

Major investors have already started jumping on the cryptocurrency train. Top investors Paul Tudor Jones and Stanley Druckenmiller are investing in cryptocurrency to protect their portfolio against inflation.

The marijuana industry in the U.S. is booming and attracting some of the world’s renowned celebrities and business owners. The industry is estimated to pump up to $130 billion on an annual basis into the U.S. economy by 2024, according to Marijuana Business Factbook.

Marijuana Business Factbook further estimates legal cannabis sales increased from $38 billion-$46 billion in 2019 to $106 billion-$130 billion by 2024 – a 181% increase. And according to the U.S. Bureau of Economic Analysis, the $130 billion figure is similar to the 2019 gross domestic product of Nebraska’s $129 billion.

The profitable nature of the cannabis business has caught the attention of billionaire rapper Jay-Z. Born Shawn Carter, the 22-time Grammy award winner and business mogul recently launched his cannabis brand, Monogram, in collaboration with the largest vertically-integrated cannabis company in California, Caliva. Before launching his own cannabis brand, the African American had served as Chief Brand Strategist for Caliva since July of 2019.

A press statement from the brand says Monogram seeks to “redefine what cannabis means to consumers today. In an effort to provide a more tailored customer experience, the brand will also launch through a best in class e-commerce platform dedicated exclusively to its singular product line.”

According to Monogram’s website, the flower is grown in small batches, “allowing for every plant to receive personalized attention from our expert growers.” It adds that “Our batch-by-batch approach and unique potency designation allow us to highlight the nuances in between harvests and tell you the story of every flower.”

Monogram says it has assembled a board of cannabis experts who grade and select every flower by hand. “These luminaries have developed a program of extended humidity control, post-harvest care, trimming, and flushing that guarantees our finished product is the best it can be,” it says.

Customers are encouraged to sign up by email to be “first in line for the drop” on the website.

Monogram is the latest of Jay-Z’s businesses. The musician first ventured into the business when he launched his clothing line called Rocawear in 1999 and later founded a sports bar chain called the 40/40 Club in 2013. In 2015, he acquired the tech company called Aspiro and also launched Tidal, a music streaming services.

Jay-Z also has a stake in French audio tech firm Devialet. The tech firm recently launched wireless earbuds, called Gemini, to rival Apple and Samsung’s dominance in the wireless earphones market.

The rapper is not the only famous name to venture into the cannabis industry with it being legalized in several US states. Others include Snoop Dogg, Whoopi Goldberg, and Martha Stewart.