*Soulja Boy exaggerated his $400 Million deal with “in-flight gaming” company World Poker Fund. Folks were initially shocked when Soulja Boy tweeted about landing a $400 million deal, and when the company confirmed that the deal was indeed true, even more people grew suspicious, especially considering that WPFH itself isn’t even worth $400 million USD.
So, how could a company that lost over $400,000 last year commit to paying a C-list rapper such a ridiculous amount? The answer: WPF paid Soulja Boy in stock, the value of which was capped at $400 million.
World Poker Fund spokesperson, Matthew Bird, cleared up the initial reports by confirming that Soulja Boy will be joining World Poker Fund’s CelebrityWorld.com, which is a “celebrity owned social gaming site” that will be integrated into WPFH’s upcoming in-flight gaming system.
READ RELATED STORY: Soulja Boy’s Deal with World Poker Fund Worth $400 Million!
“He really kind of jumped the gun” by using the $400 million figure, World Poker Fund spokesperson Matthew Bird told Forbes. “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.”
Bird claims that CelebrityWorld.com is already earning revenue though it’s still in beta. World Poker Fund values its in-flight gaming system at $570 million USD. That valuation is calculated through “traditional incentive-based gaming assumptions,” Bird said. He also claims another “mega-celebrity” will be joining its roster, and It was recently revealed that both Justin Bieber and Floyd Mayweather are both shareholders in the company.
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