Jay-Z’s Roc Nation Employees Suffer Furloughs & 10-20% Pay Cuts
Jay-Z’s Roc Nation company is the latest to suffer a financial hit amid the widespread coronavirus.
According to reports, Roc Nation, which is co-owned by entertainment company Live Nation, employees were furloughed and experienced a pay cut between 10 and 20%. Jay-Z’s music streaming company Tidal was also reportedly impacted.
The decision comes just weeks after two of Roc Nation’s biggest industries, sports and music, were put on hold in an effort to flatten the curve and slow the spread of the novel outbreak.
Roc Nation joins other major companies that have made similar decisions like: Sephora, Macy’s, Walt Disney World, Tesla, JCPenney, and Under Armour.
Meanwhile, Jay-Z’s personal Shawn Carter Foundation has made multi-million dollar donations to help with coronavirus relief.
It was previously reported that his charity and Rihanna’s Clara Lionel Foundation joined forces to donate $2 million to the Mayor’s Fund for Los Angeles, The Fund for Public Schools, The American Civil Liberties Union, and the New York Immigration Coalition.
The two then partnered up with Twitter co-founder Jeff Dorsey for a $6.2 million donation.
Clara Lionel Foundation said in a website,
“CLF, Twitter & Square CEO Jack Dorsey and JAY-Z’s Shawn Carter Foundation (SCF) released $6.2 million in grants for COVID-19 rapid response efforts in the U.S and abroad. The grants, distributed across eleven organizations, will support efforts that include providing shelter, food and healthcare services to homeless youth in New Orleans, to building virus testing capacity across the Caribbean and to the set-up of ICUs, hospital beds and isolation units in sub-Saharan Africa, among others.”
theJasmineBRAND continues to send our thoughts and prayers to everyone affected by the coronavirus pandemic.