Jay Z’s Company To Invest In Robinhood Stock Trading App
Hip-hop mogul Jay Z is putting more action behind his lyrics about the importance of financial freedom. According to Black Enterprise, the 48-year-old is investing in the free stock trading app Robinhood.
Last year, Jay Z launched the company Arrive under the Roc Nation umbrella. Arrive was created as a venture fund that was designed to give entrepreneurs access to capital and the support needed for their businesses to thrive. The company recently shared that it will invest in Robinhood, which was created to educate users about exchange-traded funds and stocks. The investment is being used as an avenue to bridge the wealth gap and give everyone access to the stock market.
Neil Sirni—who serves as the president of Arrive—says that he’s proud to partner with its creators Vlad Tenev and Baiju Bhatt. Arrive is a $1.3 billion company and has upwards of 3 million users. The app has garnered awards from both Apple and Google. “We believe in Baiju and Vlad’s mission to make the financial markets more accessible and cost-efficient for customers of all sizes,” said Sirni in a statement, according to the news outlet. “Robinhood will have our support as they execute the long-term vision of their company.”
Other hip-hop legends who have invested in the platform include Nas and Snoop Dogg. In the past, Jay Z has invested in several startups through Arrive and other ventures. Last year it was reported that he teamed up with the venture capital firm Sherpa Capital that has invested in companies like Slack, Airbnb, and Uber.