January 05, 2008 04:51:00 GMT
Jay-Z reportedly makes more money outside his position as the CEO of Def Jam and therefore decided to channel the energy somewhere else.
More speculations on the reason Jay-Z left Def Jam have been suggested. Apparently the 'not enough money' factor that has been brought up at first, becomes the landing of the problem once again.
As quoted from a source, Jay dropped his position as the CEO of Def Jam because he made more money outside the job. He, thus, wanted to concentrate on his other business ventures such as opening clubs, hotels and making his own record label which had been exposed on the media lately.
"Jay just didn't have time to be president of Def Jam," the source told New York Post. "It wasn't making him as much money as his other projects. He makes more from being a recording artist and entrepreneur. He is focusing on opening more of his 40/40 clubs to go with the ones already open in New York and New Jersey."
The source went on adding that the rapper will open more clubs in Los Angeles, Miami, Chicago, London and Houston as well as thinking of building a boutique hotel in New York called 'The Jay'.
It was reported earlier this week that Jay-Z will score a deal with Apple to open his own record label. Although there is still no confirmation to this, reports said that he will take similar desk job that he served in Def Jam.