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Whoa! MediaTakeOut – or MediaFakeOut as some call it – ran with a screaming headline, “Explosive Allegation: Jay Z‘s Former Friend Suggests That [he] Engaged in Homosexual Acts!!!”

According to MediaTakeOut, which also posted a videotaped rant from the past pal, rapper Jaz O, “Jay’s former friend appears to be saying that Jay is involved in some kind of GAY SECRET SOCIETY.”

Because Gossip Cop doesn’t print expletives, we can’t really publish too much of what Jaz O said, but we will report that he also used the ever classy hand signal of sticking his right index finger into his rounded left hand, and noted Jay-Z’s “involved in that play.”

Additionally, Jaz O makes some sort of other nonsensical claim that Jay Z lets people “feel him up.”

Forget how outrageous the allegations are about the man who put a ring on it with Beyonce. We’re sure legal types will address that.

The question is why did MediaTakeOut even publish this story and post the video? Unfortunately, we don’t know because our request for a comment from MediaTakeOut went unanswered.

But we know exactly how Russell Simmons feels about it. Simmons, the legendary founder of Def Jam – the label that Jay Z ran – told Gossip Cop the story is “bad reporting. So stupid.” He added, “That’s ridiculous. Misery loves company,” and felt “it’s sad people writing sad stuff for short-term relief, but then that again promotes long-term sadness.”

The allegations, the reporting – all truly sad (and wrong).

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