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Jay-Z quit as president of Def Jam Recordings because he wanted more money.
The '99 Problems' rapper left the music label after realizing he makes more money as an "artist and entrepreneur" than as a record executive, and will now focus on opening more nightclubs and his own "chic" hotel.
A source told the New York Post newspaper: "Jay just didn't have time to be president of Def Jam. It wasn't making him as much money as his other projects. He makes more from being a recording artist and entrepreneur.
"He is focusing on opening more of his 40/40 clubs to go with the ones already open in New York and New Jersey.
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