Damon Dash Disclosed That Jay-Z Offered $1.5M For His Stake In Jay’s First Album, ‘Reasonable Doubt’
Damon Dash Disclosed That Jay-Z Offered $1.5M For His Stake In Jay’s First Album, ‘Reasonable Doubt’
Roc-A-Fella Records, birthed by Damon Dash, Kareem Burks, and Shawn Carter AKA Jay-Z became a hot commodity in part because of the marketing, the business, and of course, the artistry of Jay-Z. Dash revealed recently that many years after the creation of the successful record company, the entrepreneur was only offered $1.5 million for his stake in Roc-A-Fella Records.
In a recent episode of the Veuit Podcast that aired last month, Dash was talking about his interest and involvement in the blockchain space. He stated that he became interested in that area due to his former partner giving him a lowball offer to purchase the stake he owns in the company.
“When I was offered a certain amount of money for my interest in Roc-A-Fella Inc., which owns Reasonable Doubt, they offered me, like, a million and a half dollars—Jay-Z. And I was like, ‘That’s some disrespectful shit. So, I guess I have to sell it someplace else.’”
Dash expressed his disappointment in the offer that was presented to him and it forced him to look for other ways to maximize his profit level for his stake. The Harlem native then stated that he had a conversation with his cousin, who is also an attorney, Ronald Sweeney. In that discussion, Sweeney advised him to sell his stake in Roc-A-Fella as an NFT. Dash agreed that it was a good idea and could possibly garner him more money. After he started to make moves to make it happen, attorneys for Jay-Z filed a lawsuit to prevent Dash from selling his stake as an NFT (non-fungible token).
Last year, BLACK ENTERPRISE reported that the lawsuit between the two former Roc-A-Fella Records label owners had been settled according to Reuters. Roc-A-Fella Records Inc. agreed to resolve a lawsuit that claimed that Dash had intended to sell his percentage of ownership of the record label’s first album as an NFT (non-fungible token).
The agreement says, “RAF, Inc. owns all rights to the album’ Reasonable Doubt,’ including its copyright. No shareholder or member of RAF, Inc. holds a direct ownership interest in ‘Reasonable Doubt.’” Under the terms of the agreement hashed out, Dash can still sell the one-third stake he has in Roc-A-Fella in the future, but he cannot “in any way dispose of any property interest in ‘Reasonable Doubt.’”
Damon Dash Disclosed That Jay-Z Offered $1.5M For His Stake In Jay’s First Album, ‘Reasonable Doubt’
