Soulja Boy might have jumped the gun last month when he announced that he inked a $400 million deal. Many wondered which company offered Soulja Boy the deal and a breakdown of what it was comprised of. Well, now we’ve learned more about the deal and can say that the rapper did exaggerate a little bit. According to Forbes.com, Soulja Boy has secured an endorsement deal with World Poker Fund Holdings. The gaming company will launch a celebrity-owned social gaming site that will be added to the list of in-flight games WPFH already offers through CelebrityWorld.com. Currently, WPFH values the in-flight gaming system at $570 million using “traditional incentive-based gaming assumptions.” So, why would WPFH give Soulja Boy $400 million when they’re worth $51 million? A company spokesman states that Soulja’s figure derives from stock and revenue-sharing. However, his deal is caped at $400 million. “He really kind of jumped the gun” by using the $400 million figure, Bird says. “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.” Other celebrities that, allegedly, own a stake in WPFH and CelebrityWorld.com is Floyd Mayweather and Justin Bieber. Photo credit: VH1
