What’s that saying? If it’s too good to be true, it probably is? That appears to be the case regarding a story that swept across the internet, and which we here wrote about on Wednesday, about reports that Beyonce was in line to make $300 million from stock she took for a corporate performance at Uber in 2015.
The reports said that instead of taking her $6 million perfromance fee, Beyonce was given stock that could be worth as much as $300 million based on Uber’s share price in the wake of the company’s public stock offering last Friday. However, what Beyonce received, as clarified by Brian Warner of Celebrity Net Worth, was $6 million worth of restricted stock units (RSUs), as opposed to actual shares of Uber stock.
Because of the nature of RSUs, and Uber current market capitalization, Beyonce’s shares would now be worth about $9 million.
That’s not an amount that anyone would sneeze at, but it is not $300 million.We have reached out to Uber, and representatives for Beyonce for any more information they may have on the matter, but have yet to receive any response.
Our original report from Wednesday is below. We apologize for any confusion it may have caused. Did Beyonce take Uber for a ride? Reports emerged Wednesday saying that the music superstar is in line to become $300 million richer than she already is thanks to Uber. How is that even possible? Have you ever worked for a company, or been to a company event or conference that included a musical performance by someone who, for all intents and purposes, has no connection to that company? Sure, maybe that performer uses that company’s products at home, but they certainly don’t work for the company.
These types of appearances are known by their scientific name: “corporate gigs.” And they can pay well.
In Beyonce’s case, one could be paying very well.
Back in 2015, according to reports, she performed at a corporate gig for Uber in which she was ready to take her standard appearance fee of (are you sitting down?) $6 million. That’s right. For one night of singing “Single Ladies (Put a Ring on It),” “Crazy in Love,” and a few other songs, Beyonce could have pocketed the equivalent of one Steve Austin (“The Six Million Dollar Man,” for those unfamiliar with the 1970s TV series). Instead of taking Uber’s dough to the bank, Beyonce had other things in mind. Rather that go home with a shipping trunk full of hundred-dollar bills, she instead took an equity stake in Uber — also known as Uber stock.
The idea was that there would be a time in the future in which Uber would go public and the value of her stock would make that $6 million fee look like the equivalent of the change in your sofa’s cushions.
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If the reports are true, it looks like Beyonce made the right choice.
Uber went public May 10, and while the IPO failed to ignite enthusiasm on Wall Street, it was good enough to give Beyonce’s stake in the company a value of $300 million. Look at that number again — $300 million. Beyonce could have taken that $6 million check four years ago and that would have made her look like a financial genius. But to say, in effect, “No thanks. Print off some of those shares for me instead,” and have that move return 50 times more than what she could have had? Money managers should be falling over themselves right now to set up Beyonce Funds that invest only in whatever Beyonce likes, uses or supports.
For its part, Uber didn’t immediately respond to a request for comment about its Beyonce connection, and whether or not it is irreplaceable.
This Article Was First Published on “mercurynews.com“