Because Jay-Z made more money as an artist and entrepreneur, The New York Post said the decision to quit as president of Def Jam was financially motivated. “Jay is focusing on opening five more 40/40 clubs,” a source said. “He opened Las Vegas on New Year’s and up next are LA, Miami, Chicago, London and Houston. He’s also looking for hotel space in New York. He wants to open a chic, boutique hotel called The Jay. He just didn’t have time to be president of Def Jam.” Jay’s rep told Page Six, “Mr. Carter is still considering several opportunities.”
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