Jay-Z Becomes Fifth Black Billionaire in the U.S.

Shawn “Jay-Z” Carter has won the race to become the first billionaire in hip-hop, beating music moguls Sean P. Diddy Combs and Andre “Dr. Dre” Young to the threshold, according to a new cover story published in ForbesThis also makes Carter just the fifth African American in the country to reach this historic milestone.

Forbes reports that Carter “has accumulated a fortune that conservatively totals $ 1 billion” thanks to his savvy business acumen and diverse portfolio of lucrative investments, acquisitions, and deals. “Jay-Z’s steadily growing kingdom is expansive, encompassing liquor, art, real estate (homes in Los Angeles, the Hamptons, Tribeca) and stakes in companies like Uber,” it reads.

The publication then explains how they came to this conclusion, listing a breakdown of Carter’s major assets. “To calculate his net worth, we looked at the artist’s stakes in companies like Armand de Brignac champagne—applying our customary discount to private firms—then added up his income, subtracting a healthy amount to account for a superstar lifestyle,” states the report. His assets are as follows:

  • Armand de Brignac champagne – $ 310 million
  • Cash and investments, including a $ 70 million stake in Uber – $ 220 million
  • D’Ussé cognac – $ 100 million
  • Tidal streaming service – $ 100 million
  • Roc Nation – $ 75 million
  • Music catalog – $ 75 million
  • Art collection – $ 70 million
  • Real estate – $ 50 million

In 2018, Forbes listed Carter as the wealthiest rapper with a $ 900 million net worth, while Combs came in second with a net worth of $ 820 million. Young ranked third with $ 770 million. At the time, it was hard to predict which of the artists would hit the billion benchmark first. But, as time would tell, the Brooklyn-born rapper became the first to join the ranks with the four other black billionaires in the U.S.

The Black Billionaire’s List

Robert F. Smith

Vista Equity

Vista Equity founder, chairman, and CEO Robert F. Smith

Robert F. Smith, the founder, chairman, and chief executive of Vista Equity Partners, is reportedly worth $ 5 billion. Last year, Vista Equity Partners was recognized as the top private equity firm on the BE 100s (BLACK ENTERPRISE’S annual list of the top black-owned companies in the nation), generating $ 14 billion in capital. Earlier this year, Vista Equity-acquired company, Marketo, was sold to Adobe for $ 4.7 billion. Smith’s firm was also recognized as the BE100s Financial Services Company of the Year in 2013.

In May, the generous philanthropist donated $ 40 million to the graduating class of Morehouse college to cover their student loans.

Oprah Winfrey

Oprah's speech

(Image: Wikimedia Commons)

The “Queen of All Media” has accumulated a massive net worth of $ 2.5 billion, according to Forbes, thanks in large part to her partnership with Weight Watchers. Back in 2015, Oprah Winfrey bought a 10% stake and became an ambassador for the company. By June 2018, her stake was estimated at $ 427 million. Winfrey also generates revenue through several other business endeavors, including ownership of the cable network OWN, Harpo Films, a multi-year content partnership deal with Apple, and her iconic talk show, The Oprah Winfrey Show.

Michael Jordan

(Image: File)

Although considered the greatest basketball player of all time, Michael Jordan only made about $ 90 million during his stellar career in the NBA. Today, however, the basketball legend is worth an estimated $ 1.9 billion thanks to lucrative endorsements, like his lifetime deal with Nike, and big investments, like his purchase of the Charlotte Hornets.

David Steward

most successful black businesses

World Wide Technology Founder and Chairman David Steward

With a net worth of $ 3 billion, David Steward ranks as No. 745 on Forbes’ 2019 list of global billionaires. In 1990, Steward invested $ 250,000 that he earned from two auditing ventures to launch World Wide Technology (WWT), an IT provider that offers hardware and software products and services to large public and private customers in various sectors. Its clients include Citi, Verizon, and the U.S. government. In 2017, WWT earned $ 10.2 billion in sales and was ranked as No. 1 on the BE 100s list. The business tycoon also graced the cover of BLACK ENTERPRISE in June 2001.

 

Money | Black Enterprise

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Family of fifth grader who died after a school fight demands answers

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Jimmy Kimmel Had Fifth Graders Put On a ‘Trumpsgiving’ Play

On Tuesday night’s episode of Jimmy Kimmel Live! the host unveiled a contemporary take on Thanksgiving’s origin story — The First Trumpsgiving.

“Over the last 400 or so years, the story of Thanksgiving hasn’t changed much,” Jimmy Kimmel pointed out on his late night talk show. “We learn it in school and it’s fine, but this year we wanted to spice it up.”

Kimmel invited a group of talented fifth graders to put on a pageant that reveals the updated Thanksgiving story. The children took viewers back in time to the first meeting between the Native Americans and the pilgrims, who arrived in the New World aboard a private yacht naturally named “The Mayflower.”

“We’re gonna put the golf course right here, and the hotel right here,” said a boy dressed like President Trump with a wig and a red tie, proudly declaring that his new plans were “going to be huge!”

When the Native Americans arrived to greet the newcomers, the ersatz Trump shouted, “Oh no, it’s the caravan of immigrants from South America!” The children, decked out in construction-paper costumes, quickly corrected him, explaining, “We’re Native Americans.” That didn’t sit well with the faux Trump, though, who shot back, “Well we’re American Americans and we were here first.”

Then they set out to build a wall out of cornbread, sending their sons to shoot a turkey, but they nabbed an elephant instead. Luckily there was a Thanksgiving miracle to ensure that it really was “the greatest Thanksgiving in the history of Thanksgiving.”


Entertainment – TIME

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Chris Stapleton’s Wife Pregnant With Fifth Child, Seven Months After Welcoming Twins

Country star Chris Stapleton announced during a concert on Friday, November 2, that he and wife Morgane are expecting their fifth child, seven months after welcoming twins.

“I’ve got an announcement to make. Some of you may know that we have four children,” the “Tennessee Whiskey” singer, 40, told the audience at Madison Square Garden in NYC on Friday, according to a video posted by The Blast. “We just had twins, about seven months ago. Now there’s four of us, but we’re gonna make it five!”

Morgane, who was onstage with her husband, smiled happily at her husband after his speech.

As previously reported, the couple welcomed their twin boys in March and the singer was unable to attend the Academy of Country Music Awards to accept his Album of the Year award the following month because of the babies’ early arrival.

“Chris couldn’t be here cause Morgane’s expecting twins,” the show’s host, Reba McEntire, said as she accepted Stapleton’s award in his absence. “We just found out that those little rascals came a little bit early. Hot off the press! Twin boys.”

The couple, who recently celebrated their 11th wedding anniversary, are also parents of a girl, 8, and boy, 6.

The private pair, who haven’t publicly announced their kids’ names, shared a photo of their twins in a post on Morgane’s Instagram account in April that showed the mom cradling her newborn babies.

“We’re so grateful to finally be home with our sweet family,” she wrote on April 18. “We would like to say a special thank you to all the incredible nurses & doctors at Centennial Women’s & Children’s Hospital in Nashville. At more than a month early, we had a week long stay in the nicu & the incredible people there kept our boys healthy & happy. Words cannot express our gratitude for you all & what you did for our family. From the bottom of our hearts, thank you!”

Us Weekly

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Outerwear Brand Bacon Creates Capsule for Saks Fifth Avenue

Customers into cozy, fashionable puffer jackets have yet another option to choose from.
Italian contemporary outerwear brand Bacon — which already lists Gigi Hadid among its fans — has unveiled a small capsule collection with luxury department store Saks Fifth Avenue.
The brand’s signature women’s “Puffa” style jacket was reinterpreted in two exclusive colorways: red and blue. The cropped jacket, retailing at $ 615, boasts an exaggerated collar and a tie detail.
Additional styles and dedicated colorways will be added to the capsule early next year, strengthening the tie-up with the U.S. department store.

Bacon’s red “Puffa” jacket created for Saks Fifth Avenue. 
Courtesy Photo.

“We want to shift the customers’ perspective on down jackets and we are really focused on trying to evolve the silhouettes. After a few seasons of oversized shapes, we’re gently shifting toward more refined styles, without giving up our rock soul,” said founder and ceo Andrea Pilato Barrara.
The brand delivers fall duvet coats for women featuring oversized proportions and in a number of bright colors informed by the Nineties aesthetic. Established in 2008 as a sportswear label, Bacon will launch its first summer season in 2020 with a selection of windbreakers. Starting with the current fall season, it also introduced two men’s

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