Illustration: Sarah Grillo/Axios

Jay-Z is a billionaire, according to what Forbes characterizes as a conservative accounting of the recording artist's fortune. Separately, the magazine estimates that his wife Beyoncé is worth another $400 million.

How he did it: His music created a lot of seed capital, some $500 million in pretax earnings. He then invested that capital into creating brands, including the clothing line Rocawear and the music-streaming service Tidal.

  • Jay-Z's biggest brand of all: Ace of Spades Champagne, valued by Forbes at $310 million.

Jay-Z helped to reinvent high-end Champagne. Armand de Brignac Champagne once belonged in the domain of wine snobs, but when it became known as Ace of Spades, it became a true Giffen good: an ostentatious wealth-signaling mechanism where desirability — and demand — increases with price. Ace of Spades is far more popular at $750 a bottle than it was when it was called Cattier and cost $60.

How it works: In a nightclub, no one cares about the difference between the Vallée de la Marne and the Côte des Blancs. What matters is swagger, glamor and instantly recognizable branding. If you can create that, you effectively own a license to print money.

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Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,020,216 — Total deaths: 761,393— Total recoveries: 13,048,303Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,289,323 — Total deaths: 167,948 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.