Jay-Z on Oct. 13, 2021, at the Shrine in Los Angeles. (Photo by Richard Shotwell/Invision/AP, File)
Rap’s billionaire Jay-Z has recently found himself at the center of a social media storm following revelations about a financial decision involving a family member.
The debate was sparked by a resurfaced interview clip with Kevin Hart, where Jay-Z mentioned declining a cousin’s request for a $4,800 loan, triggering a discussion on wealth, family dynamics, and financial responsibility. Jay-Z did the interview with Hart last year.
Jay-Z recently threw an event packed with Black millionaires and moguls, and it was Jay-Z’s 007-themed party on Sept. 30 at Atlantic City’s Ocean Casino Resort to raise funds for REFORM Alliance, according to Page Six. And some say it’s ironic that the rapper is now a billionaire but failed to fund a relative’s entrepreneurial dreams, especially since podcaster Wallo267 pointed out during the event that Black millionaire should be reaching out and helping people in the community.
Jay-Z’s cousin, Jamar White, wanted him to invest in Buffalo Boss restaurant idea over a decade ago. Hov did, in fact, grant his cousin a loan for his business endeavor, but it wasn’t based on the premise of turning a few thousand dollars into a few million–at least not on that premise alone, AllHipHop reported.
During his recent speech at the Brooklyn Public Library Gala, JAY-Z actually gave a shout-out to White, HipHop Vibe reported.
When, during the Hart interview, Jay, who four years ago became rap’s first billionaire, detailed a cousin asking him for a $4,800 investment during Thanksgiving, fans got upset.
“I’ll NEVER get over a billionaire saying some bullshit like this!” posted MrsBundrige on Twitter/X.
Many expressed that rich family members should help out the rest of the family.
“no one around them will say this to them, but they should be giving their cousins money, cuz that is exactly how it should be working, ” tweeted Read more bell hooks.
But others felt Jay-Z should do what he wants with his own money.
“niggas always telling other mfs what they should do with they money entitled ass niggas,” @ovocartier tweeted.
Still others noted the issues of lending family money is more complex.
“Jay-Z’s cousin asking for 4800 is the equivalent of asking someone who makes $150,000 for 29 cents. And most people defending scrooge mcduck don’t make $150k,” @yblaci tweeted.
While Left, PhD tweeted a list of famous people who got their start with a loan from a parent, others noted that the loans were fro parents–not cousins.
“Loans from their parents, not their cousin,” Si tweeted in response.
In that same thread, We Should Talk More tweeted in part, “What he’s saying is just because they’re blood doesn’t mean you gotta fund their dreams. Those are dreams these cousins are pitching. He wants solid solutions that will make money. A lot of celebrities go broke because their heart is in the right place…”
We Should Talk More added in another post, “To add to that if Jay really feels he has the time to mentor and mold these cousins into his image then he can do that. A lot of the mentioned above were raised around money and how to use it. They were nurtured in that environment.”
Many pointed out the quickest way to go broke is by trying to financially help everyone. Monique simply tweeted, “MC Hammer.” Hammer notoriously went broke after making millions by hiring friends and family members.
And, a user with the account name Can We Talk About it? said loans to family are never really loans, but gifts and they tend not to pay you back. “JAY-Z says he refused to lend cousin $4,800 he know how his cousin is we all have family member like that we wouldn’t loan then a dime because they borrow and forget to pay you back,” Can We Talk About it? tweeted.
Jay-Z arrives at a special screening of “The Harder They Fall” on Oct. 13, 2021, at the Shrine in Los Angeles. Jay-Z’s annual Made in America festival in Philadelphia has been canceled for 2023. (Photo by Richard Shotwell/Invision/AP, File)
