Chris Samuel
Jay-Z’s net worth is now reportedly $2.5B with his portfolio company, Marcy Venture Partners (MVP) playing a large role. With this significant milestone, some question if the multi-billionaire should drop the "Marcy" moniker considering its namesake - the 19th-century politician William Marcy who opposed the abolition of slavery.
Jay-Z Adds Another B
Rap legend/mogul Jay-Z’s net worth is $2.5B, according to a Forbes report released on March 24.
One company that has been lucrative to Jay-Z is Marcy Venture Partners. Also co-founded with Jay Brown and Larry Marcus, Marcy Venture Partners is a firm that invests in consumer and culture with an emphasis on sustainability, empowerment, health, and wellness.
“Marcy” stems from Jay-Z’s former childhood home Marcy Houses, a Brooklyn, NY housing project. The rapper-turned-business mogul has paid homage to his childhood home in songs such as his 1997 track “Where I’m From” feat Beanie Sigel and “Marcy Me,” which reminisces on his days as a hustler in Marcy Houses.
However, those projects were particularly named after William Marcy, a politician in the 19th Century, who supported slavery. A consideration that could be made by Jay-Z is to possibly change the company’s name due to Marcy’s political beliefs against Black people
Meet Marcy
William Marcy was a New York politician from the 1820s to his death in 1857. Marcy was the Governor of New York from 1833-1838 and was the 21st United States Secretary of State from 1853-1857.
Marcy was a member of the Democratic Party and was labeled into two groups, the doughfaces, and Hunkers. A “doughface” was a northern Democrat who had southern sympathies. These politicians favored the south when it came to disputes about slavery.
Marcy was also one of the leaders of the Hunkers, who were pro-government and supported the extension of slavery.
Marcy Projects is located in the Bedford-Stuyvesant section of Brooklyn, which is predominantly Black. The housing projects being named after a slavery supporter could possibly raise some eyebrows.
However, many residents are most likely unaware of Marcy’s political beliefs against Black people.
A Name Change On The Way?
In the past, Jay-Z used his Roc Nation company to push for firings of corrupt police officers and criminal justice reform. Jay-Z’s efforts are perceived as progressive and looking for reform when it comes to law enforcement, while Marcy believed in the opposite.
One option Jay-Z should consider for a company name change is Moxey Alexander Rigby, who was the first Black judge elected to the Nassau County District Court of New York in 1959.
At the time of press, it is unclear whether or not Jay-Z knows the history of Marcy and has not said anything about changing the name of the company.
