Jay Z is often praised for his business acumen but not all of his ventures become profitable endeavors. Case in point: the rap mogul's startup company BlackJet, an "uber for private jets," is shutting down.

According to Business Insider, a letter sent to BlackJet members on Thursday (May 5) stated that the company is no longer in operation. BlackJet CEO, Dean Rotchin, blamed false press coverage and a lack of money as the reasons for the company's closing.

"In the last few days, there was some inaccurate bad press that stunted membership sales, a critical team member stepped down unexpectedly, near-term and longer term financing opportunities were delayed, and it became impossible to continue," Cotchin wrote in the letter.

The inaccurate press Rotchin is referring to in his missive came from TechCrunch that had reported just two weeks prior to Thursday that the startup had shut down alongside the demise of Beacon, another private-plane startup. The story was later updated with a correction.

Backed by Hov, Ashton Kutcher and other big time investors, BlackJet offered its members a paid annual fee to a network of private jets where they can book flights conveniently without any hassle. Think of it as an Uber for the friendly skies.

BlackJet has yet to comment further on their shut down. Reps for Jay Z had no comment on the matter.

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