Friends can also do business together. JAY-Z’s latest investment sees him pour some cash into his close friend and CEO Michael Rubin’s Fanatics company. According to Sportico, Fanatics received a private $18 billion valuation, which is triple compared to its valuation from 2020.
CNBC also adds that Fanatics’ valuation is up over $5.5 billion in just five months. Their latest crowdsourcing of funding sees over $325 million being poured into the company from Hov, Roc Nation and others.
Fanatics, which is known for their e-commerce business strategy in the sports apparel sphere, is looking to significantly expand into other avenues including sports sectors such as NFTs, gambling, gaming, ticketing, media and more.
According to The Wall Street Journal, Fanatics claims they will make about $3.4 billion in revenue in 2021. Rubin joined CNBC for an interview to discuss their latest valuation and business pivot on Tuesday morning (August 10) with Andrew Ross Sorkin.
“We’ve realized we have this incredible opportunity but to really transition to a leading e-commerce company to building the leading digital sports platform,” Rubin said. “That means, as a sports fan, you go to Fanatics and get any sports product that’s important to you.”
JAY-Z and Michael Rubin are also partners in the REFORM Alliance looking to assist those unfairly trapped in the criminal justice system.
JAY-Z To Share His Billion-Dollar Mentality With Wall Street Robin Hood Investors
In July, JAY-Z teamed up with Will Smith for the entertainment moguls to invest in a company called Landis Technologies, which helps low-income renters eventually become home owners within two years.
next year jayz sells his shares. blabla
Meanwhile, Damon Dash is somewhere in Queens washing his undies using a steel tub and a washboard…
Yup, because Jay Z screwing over his black business partner so he can invest in white ones is hilarious. No other race does this….
I guess Jay Z was the only one getting paid at Roc-a-Fella? Nobody else put out any music, nobody else got a cut? They all worked there for years for free? You one of those middle class kids who spew bullshit about being oppressed while still living at your parents house. Get off your ass, bitch and quit looking for hand outs…
No I’m not talking about being oppressed I’m talking about power and group economics. Of course somebody like you would not understand that because to you doing business and being among Black people means being oppressed. Someone like you can only feel liberated doing business with white people, which is Why are you admire Jay Z so much
Not really, I admire him because I don’t hear him whining. The goal is to work with all people, to insinuate that he doesn’t work with black people is nonsense considering he got his start and is still working in hip-hop. Learn how to expand your horizons and stop whining about who he’s isn’t working with.
Yet you’re laughing at Dame. Learn to invest in people who will invest in you.