World Poker Fund Holdings has clarified the details of Soulja Boy’s new deal, the one he alleged netted him $400 million richer. Company spokesman Matthew Bird walked back the valuation of the contract, telling Forbes that the rapper “really kind of jumped the gun” on a transaction which includes stocks and revenue sharing.
“The deal is capped at $400 million, and it’s based on a forward-thinking valuation of the company,” Bird said. “He’s young, he’s 25 years old. He got really excited, and he tweeted something he probably shouldn’t have tweeted.”
“The company’s market cap is at $51.8 million.” he continued. “There’s no way they could cut a $400 million deal. Endorsement deals are calculated on a lot of different factors. This is not a fully cash transaction.”
It’s pretty convenient that Bird threw Soulja Boy under the bus because WPFH confirmed the dealings with the very same $400 million figure. The company shared a press release Friday explaining the rap mogul would be paid to “promote World Poker Fund’s online gaming assets such as CelebrityWorld.com and its soon-to-launch ‘in-flight gaming’ platform which aims to service the three billion plus global travelers across multiple airlines worldwide.”
Basically, it’s a lot like Dr. Dre becoming “the first billionaire in hip-hop.” Dollar signs aren’t always what they seem.