Soulja Boy’s reported $400 million deal with “in-flight gaming” company World Poker Fund is, in all likelihood, not actually worth $400 million.
World Poker Fund’s main shareholders are Floyd Mayweather, Disney star Kyle Massey, Tyga, Justin Bieber, and Bieber’s go-to songwriter Poo Bear. In exchange for promoting the company’s product, Soulja Boy has received 1.5 million shares. World Poker Fund is publically traded; one share is currently worth $1.70, which puts Soulja’s holdings around $2.5 million. Not bad… but it’s not $400 million.
“The deal is capped at $400 million, and it’s based on a forward-thinking valuation of the company. He’s young, he’s 25 years old. He got really excited, and he tweeted something he probably shouldn’t have tweeted. He was getting a lot of pressure from within the entertainment community, so he wanted to put a statement out. Obviously, the company’s market cap is at $51.8 million. 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.” – World Poker Fund spokesperson Matthew Bird