Jigga Steps Down From Def Jam To Make More Money

Jay-Z quit as president of Def Jam Recordings because he wanted more money.

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The '99 Problems' rapper left the music label after realizing he makes more money as an "artist and entrepreneur" than as a record executive, and will now focus on opening more nightclubs and his own "chic" hotel.

A source told the New York Post newspaper: "Jay just didn't have time to be president of Def Jam. 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.

"He opened the Las Vegas club on New Year's Eve and next up are clubs in Los Angeles, Miami, Chicago, London and Houston.

"He's also looking for hotel space in New York. He wants to open a chic, boutique hotel called The Jay."

The 38-year-old star is now reported to be on the verge of signing a lucrative deal with computer company Apple to become head of their hip-hop division.

Last year, Jay-Z was named the second highest earning musician in the world by US magazine Forbes, with annual earnings of $83 million.

His other business interests include a stake in the New Jersey Nets basketball team.

In 2007, he sold his Rocawear clothing line for a massive $204 million.