In 2011, Lil Wayne purchased a domain named ‘youngmoney.com’ from a personal finance company Young Money Media. The actual cost of this domain was $600,000, but Lil Wayne, who is always in news for wrong reasons, is yet to make complete payment for the domain. Now, the company owning this domain name has sued Lil Wayne for non-payment.
The Young Money Media, a business designed for helping young entrepreneurs manage and earn money, owned youngmoney.com before Lil Wayne’s company even existed. The rap label purchased the domain to make regular payments, but after their failure to make payments, the Young Money Media was left with no option but to sue them.
At the time of domain’s sale, it was clearly stipulated that if Lil Wayne’s company fails to make payments, the Young Money Media would forfeit the sale of this website and domain name would be returned back to the original owner i.e. seller. Lil’s company still owes over $250,000 and has failed to regard the obligation to pay the company.
Young Money is the same company that was responsible for the release of Rise of an Empire earlier this year. Young Money released an official statement after this fiasco.
“This compilation is a very special release for the label,” Young Money Entertainment Chief Operating Officer Cortez Bryant said of the effort when it was released. “We at Young Money helped to launch the careers of our first generation of acts with Drake, Nicki Minaj, and Tyga. Even though we’ve been honored with accolades as a company, our hunger hasn’t diminished or dwindled. We’re hungrier than ever, and we’re still building. That goes hand-in-hand with the title Young Money: Rise of an Empire. We’re not going anywhere. We don’t plan on stopping—ever. Our goal is the expansion of this Empire with the next generation of kings and queens ruling.”
No comments from Lil Wayne’s Young Money Entertainment yet. Stay tuned for more updates on this story.
[ Source ]