Is Soulja Boy really banking $400 million with World Poker Fund Holdings?
Last week, the rapper revealed he had scored a hefty endorsement deal with the company and many scoffed at the announcement, thinking it was a hoax.
Despite the skepticism, World Poker Fund Holdings issued a press release confirming Soulja Boy’s claims. But what does it all mean?
To receive the $400 million five-year deal, Soulja Boy has to mobilize his network and prompt them to join the celebrity-owned social gaming site CelebrityWorld.com.
“Company spokesperson Matthew Bird claims that CelebrityWorld.com, while still in beta, is already earning revenue. The in-flight gaming system, which the company values at $570 million using what Bird calls “traditional incentive-based gaming assumptions” about user acquisition costs and average revenue per user, came about after a recent court decision in favor of the Iowa Tribe of Oklahoma. The decision allows the tribe to conduct online gaming through a .gov portal, which would make in-flight gaming feasible.”
Seems legit, right?
According to Bloomberg Market stocks, World Poker Fund Holdings stocks are only valued at $1.70 per share. So how does a company with a market capitalization of about $52 million pay Soulja Boy $400 million?
The obvious answer is, they don’t.
Instead, Soulja Boy will earn money based off revenue-sharing and stock holdings. Soulja Boy definitely jumped out the window with the $400 million figure, but he’ll still earn a huge chunk of change if all goes according to plan.
Random fun fact about World Poker Fund Holdings: Justin Bieber and Floyd Mayweather are both shareholders in the company. Welcome to the family, SB.