Jack Dorsey, the CEO of Twitter, Square Inc, and Cashapp, buys Jay Z’s Tidal app for $297M

In an unexpected turn of events, Twitter CEO has acquired a majority stake in Tidal; the music streaming platform owned by Hip Hop Mogul Sean Carter.

The deal would close in the form of a joint venture; the original artists of Tidal will become the second largest group of shareholders, while Jay Z will join the Board of Square Inc.

In an announcement shared on Twitter, Dorsey stated: “I’m grateful for Jay’s vision, wisdom, and leadership. I knew TIDAL was something special as soon as I experienced it, and I’m inspired to work with him. He’ll now help lead our entire company, including Seller and the Cash App, as soon as the deal closes.”

JAY-Z additionally added “a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”