Jay Z Invests in Stock and Crypto Trading App Robinhood

Photo: James Devaney (Getty Images)

The reason why Jay Z is still among the richest rappers in the world is that he keeps making smart investments that help his fortune grow. His latest investment into an app called Robinhood seems to be yet another good choice that will no doubt pay off in the future. This announcement came through his start-up company called “Arrive” that Jay Z founded about a year ago. On the other hand, the Robinhood platform was created back in 2013 and now, just five years later, has over three million users worldwide. Its latest addition that deals with the cryptocurrency is aptly named Robinhood Crypto, and it was announced in January this year as a part of the company’s plan to satisfy the demands of the market and stay relevant in the online trading business.

The two main figures of Robinhood company are Baiju Bhatt and Vlad Tenev, two best friends who came up with the concept of trading stocks using a mobile phone without commissions or required minimal balance. About a year ago, Baiju gave an interview to the Life Hacker website describing his work habits and explaining the idea behind his projects. At that time, Baiju didn’t know that such a huge star like Jay Z would endorse their idea. Considering the intelligence and persistence of these young men, Jay Z certainly made a good choice.

Jay Z’s Bills

Just in case you were wondering how rich Jay Z is — he recently went out drinking with his friends and managed to spend over $110,000 on drinks and food. One of the receipts ended up on the web and it showed the amazing $91,135 receipt for 40 Ace of Spades rose bottles that the rapper apparently enjoys drinking. Over $10,000 of that bill went to the tips. If that is just how much he spends over one crazy weekend, imagine how much money he has in total and then compare it to your income. Depressing, right?