added: 29 May 2014 // by: Music-News.com Newsdesk
Jay-Z has supposedly severed ties with his longtime business collaborator.
The Roc Nation music mogul worked closely with John Meneilly for over a decade.
But The New York Daily News reports Jay-Z, who has an estimated net worth of $520 million, officially ended his professional partnership with John within the last week.
One source tells the outlet 'it wasn't [John's] choice' to stop doing business with the Watch the Throne rapper. And a second insider insists the split is 'amicable and mutual' as the millionaires were acting on an agreement they made together 'a couple months ago'.
Former Provident Financial executive John is credited with helping Jay-Z sell his Rocawear clothing line for over $200 million in 2007. He also assisted the musician with landing a $20 million contract with Samsung Mobile last year.
Jay-Z released his 12th record Magna Carta Holy Grail in July 2013 and before the official launch he made the album available for free to millions of Samsung Galaxy Smartphone users.
The hip hop legend made the announcement on a Samsung Galaxy television commercial,
which featured the rapper collaborating with producers Timbaland, Pharrell Williams, Swizz Beatz and Rick Rubin.
In the advertisement he tells his peers, 'We need to write new rules.'
The innovative businessman also shared what he wanted to generate musically on the record.
"The album is about, like this duality of how do you navigate through this whole thing, through success, through failures, through all this and remain yourself," Jay-Z told the producers in the advert.
Although he released Magna Carta Holy Grail for free weeks before it was available for purchase, the album made history with its debut, as it reached number one on the Billboard music charts in its first week on the market.