Wall Street enjoys banner Friday despite retail sales disappointment
Tesla and Facebook each added more than 3% as tech stocks broadly outperformed
4:14pm: Cruise line companies benefit from rising tides on Wall Street
The Dow ended Friday up 361 points, 1.1%, at 34,382. The Nasdaq surged 305 points, 2.3%, to 13,430, and the S&P 500 improved 61 points, 1.5%, to 4,174.
Despite the robust performance, the major indices posted losses on the week after Wall Sreet endured a major crunch from Monday to Wednesday.
Cruise companies were among the session s biggest outperformers. Carnival Corporation & plc (NYSE:CCL) shares gained more than 8% to $27.16. Royal Caribbean Group (NYSE:RCL) stock jumped more than 7% to $84.16 and Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) saw its share price rise 8% to $28.56.
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A Square spokesperson revealed that the deal that took place was for “an aggregate consideration of $302 million USD” instead of the previously stated $350 million USD figure. The final amount “represents the purchase price for Square’s majority stake in TIDAL.” Jesse Dorogusker, Square executive, is expected to serve as TIDAL’s interim leader while they search for a permanent head.
The astronomical amount might be one of the biggest flips within the industry. JAY-Z originally launched TIDAL in 2015 for $56 million USD in partnership with many artists including J.Cole, Rihanna, Madonna and more. Meanwhile, Hov brought TIDAL exclusive content and created live events that exponentially increased the company’s value. Now, six years later, TIDAL is worth almost six times the amount that Jigga has used to launch the platform.
Jay-Z Finalizes Tidal Deal for $302 Million, Square Inc. Majority Stakeholder
(Image: Moët Hennessy)
The acquisition of the Tidal streaming service is now complete. Business titans Shawn “Jay-Z” Carter and Jack Dorsey have reportedly finalized the deal that was first announced back in March with Dorsey’s Square taking majority ownership of Jay-Z’s Tidal.
Earlier this year, Square Inc. announced that it has entered into an agreement to acquire a majority ownership stake in the Jay-Z helmed TIDAL. TIDAL is the global music and entertainment platform that brings fans and artists together through unique music, content, and experiences. With this transaction, Square was anticipated to pay a mix of cash and stock worth $297 million for a majority ownership stake, and the existing artist shareholders will be the remaining stakeholders. TIDAL will operate within Square, alongside the Seller and Cash App ecosystems.