The End of Black Celebrity: Jay-Z, Diddy, T.I. , and Kanye West financial struggles (WATCH)

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Attorney Antonio Moore discusses the shift in the amount of wealth held by black celebrities, and how that’s being signaled in news stories. From Jay-Z and the the SEC, Kanye and 53 million debt, to Diddy and Revolt having to go through layoffs, Moore makes the case that this is only the beginning of the end for the wealth era of Black celebrity.

According to the Guardian

Jay-Z will have to testify in court as part of an investigation by the US Securities and Exchange Commission (SEC) into the clothing brand Rocawear, which he co-founded in 1999.

The rapper’s lawyers have been trying to prevent him from having to appear in court, arguing that he has been preparing for his On the Run II tour, which sees him co-headline alongside his wife, Beyoncé. But a federal judge in New York, Paul G Gardephe, said he would allow the SEC to demand Jay-Z’s testimony, saying: “The testimony has been delayed for five months, and I do not intend to tolerate any further delay.” He is due to appear for a full day on 15 May.

Rocawear was founded in 1999 by Jay-Z, real name Shawn Carter, and his business partner Damon Dash, selling streetwear and accessories; in 2007, Jay-Z sold the rights to the brand to Iconix Brand Group for $204m. Iconix wrote down the value of Rocawear by $169m in 2015 and another $34m in 2017; the investigation will ascertain if this and other financial reporting is in violation of securities law.

Jay-Z will be asked about the value of the Rocawear trademark and its value following the 2007 sale, after which he stayed on to oversee product development and marketing. A statement last week from his spokesperson said: “We are aware that the SEC is seeking information on Iconix’s financial reporting. Mr Carter had no role in that reporting or Iconix’s other actions as a public company. Mr Carter is a private citizen who should not be involved in this matter.”

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