Did Beyonce Really Earn Hundreds of Millions From Her Uber Stocks? Here’s the Real Deal on the Matter
Beyonce’s fans love Queen Bey, there’s no doubt about that. But sometimes, their admiration of the pop diva can lead them to spread or believe in misinformation floating around the Internet. Proof of this is a recent viral tweet claiming that the 37-year-old singer earned $300 million from investing on the ride-sharing company Uber.
So, the story first started three years ago. Beyonce was invited to perform at a private event for Uber’s employees and instead of taking her $6 million talent fee in cash, she took its equivalent in the company’s stock. Since then, Uber has grown and now one Twitter user going by the name Kelvin Lee Jones is saying that her shares’ value has risen to $300 million.
There’s no doubt that Queen Bey made a wise business decision by taking major stock instead of cash, but Jones’ conclusion seems to have come from an unreliable source. While reputable news outlets like Forbes and The New York Times do confirm that Uber CEO Travis Kalanick did agree with the singer’s request, there’s no proof that she earned that much from the deal.
Tracing the source of Jones’ info leads to a site called ThatGrapeJuice.net, a self-proclaimed ‘urban pop culture website’. Their article seems to be referencing another one published on another site Inside Edition. This, in turn, appears to be a rewrite of a Forbes writeup which references a The New York Times report.
What Really Happened
That’s not saying that Beyonce’s shares didn’t increase in value over the years though. It’s just that it couldn’t have grown into something as large as $300 million in just a few years. First, it’s important to clarify that Beyonce was paid $6 million worth of stocks and not six million shares.
Assuming the singer held onto all of her stocks, the value of her shares would’ve only risen to a respectable $9 million considering Uber’s market caps three years ago and today. Now, that sounds more realistic, right? Though it’s highly doubtful that this more logical version of the story will go viral like the exaggerated one did.
It’s also worth noting that many celebrities have invested in the company years before Beyonce did and safe to say, the fruits of their shares aren’t as big as the Twitter poster made out Beyonce’s to be. For example, elite cyclist Lance Armstrong has had stakes on Uber as early as 2009 and the estimated value of his shares is just around the $20 to 30 million range.
Just Another Rumor
Aside from the outrageous first claim, Jones also talked about how she only took half her paycheck for her 2018 Coachella performance so she can have the film rights to her documentary, Homecoming. This is another falsehood as the diva reportedly got the standard $4 million fee.
More in Rich & Famous
Royal Couples Harry and Markle & William and Middleton are Reportedly Cutting Ties With Each Other– Here’s Why
The once close brothers Prince William and Prince Harry have been hounded with rumors about a supposed rift between them for...June 14, 2019
‘Million Dollar Listing’ Star Josh Altman Has This Simple Yet Effective Advice For Stressed Out Home Buyers
Finding the right home and buying it is not an easy task. There are plenty of things that potential home buyers...June 14, 2019
Even with Dip in America, Mortgage Rates Rise Above 5%
In the last fortnight, the average 30-year fixed mortgage rate has considerably dipped to 4.57%. Prior to the dip, the mortgage...June 9, 2019
Here Are Legendary Investor Warren Buffett’s Secret Tips on Buying and Selling Stocks Like a Pro
Warren Buffett is one of the richest men in the world. He’s currently valued at a whopping $83.2 billion placing him...June 5, 2019
Here’s What Every Real Estate Flipper Needs to Know
Sidney Torres, a self-made millionaire in his own right, made a name for himself renovating houses in New Orleans. He now...June 4, 2019
Tesla Stock is on a Downward Spiral But Elon Musk’s Salary Remain in The Billions — Here’s Why
Tesla founder and CEO Elon Musk is one of the most innovative minds of today. There’s no doubt about that. However,...May 30, 2019
Why is Elon Musk Taking Out $61 Million Worth of Mortgages? The Reason Will Shock You
Tesla CEO Elon Musk has done a lot of questionable things within the last few years. There’s his often puzzling Twitter...May 30, 2019
Here’s How Much Internet’s Beloved Grumpy Cat Earned When It Was Still Alive
On May 14, 2019, cat-lovers around the world mourned the untimely death of Grumpy Cat, the internet-sensation feline who has millions of fans and followers across...May 29, 2019
Why Most Millennials Delay Their Dream Of Buying a House Due to Student Loan Debt
Everyone wants to buy their dream house. Buying or owning a home is often taken as a milestone of success in...May 29, 2019