NEWS

Beyonce, Jay Z Money Problems?

Truth rating: 0
Beyonce Jay Z Money

By Gossip Cop Staff |

Beyonce Jay Z Money

(Getty Images)

Beyonce and Jay-Z do not — nor did they — have money problems, despite an inaccurate report published exactly one year ago today. At the time, Gossip Cop busted a tabloid that falsely maintained the couple was in a “cash crunch” after buying some pricey real estate on both coasts of the United States. It was untrue then, and it’s actually even more wrong now. Far from having issues with money, in the intervening 12 months since that bogus story, Jay-Z and Beyonce’s bank accounts have grown much larger.

On October 15, 2017, OK! wrongly asserted the music superstars were having financial issues after having dropped more than $100 million combined for a mega-mansion in Los Angeles and an impressive home in the Hamptons. As widely reported shortly before the tabloid’s article, Beyonce and Jay-Z paid $88 million for their L.A. house and another $26 million for their Hamptons spread. A year ago, the magazine quoted an either made-up or completely ill-informed “source” who contended “more money” of theirs was being spent than “coming in.”

Among the supposed reasons the couple was hemorrhaging money, cited the publication, was the additional expenses associated with them having their twins, Rumi and Sir; Jay-Z’s streaming service Tidal “struggling;” and Beyonce wanting to work far less, “not more.” As a result, the magazine claimed their financial advisors told them to rein in their spending because they were “living beyond their means.”

Since that untrue tale 365 days ago, they’ve actually become far richer. While the tabloid said his streaming company was “struggling,” after Sprint invested $200 million in Tidal for a 33 percent stake, Jay-Z’s business became valuated at $600 million. He initially invested $56 million.

Additionally, the songstress didn’t work less, as wrongly asserted. She actually worked more. And it paid off big.

Beyonce and Jay-Z’s “On The Run II Tour,” which began in June and ended in early October, grossed them well more than $200 million. In 2018, Jay-Z was the top Hip-Hop artist, according to Forbes, having earned $76.5 million for touring in support of his record 4:44, the release of his and Beyonce’s joint album Everything Is Love, and their aforementioned stadium tour. Thanks to their music and assorted other ventures, Beyonce and Jay-Z’s combined wealth is now more than $1.255 billion and counting.

Far from having a “cash crush” and spending “beyond their means,” like the lyrics in their song Boss, their “great-great-grandchildren already rich… on your Forbes list.” Basically, not one claim back then about Beyonce and Jay-Z having money problems was true. One year later, it’s even more clear Gossip Cop’s reporting was right on the money.

Sources

Spangler, Todd. "Sprint Buys 33% Stake in Jay Z’s Tidal Streaming-Music Service." Variety, 23 Jan. 2017.

Frankenberg, Eric. "Beyoncé & JAY-Z's On the Run II Tour Surpasses $150 Million Earned (And Counting)." Billboard, 24 Aug. 2018.

Greenburg, Zack O'Malley. "The World's Highest-Paid Hip-Hop Acts 2018." Forbes, 12 Sept. 2018.

Greenburg, Zack O'Malley. "Jay-Z And Beyonce Are Now Worth A Combined $1.255 Billion -- And Counting." Forbes, 12 July 2018.

Lewittes, Michael. "Jay-Z, Beyonce Caught In 'Cash Crunch'?" Gossip Cop, 15 Oct. 2017.