It's no secret that Jay Z has built a music empire already.
In fact he is among the richest people in the industry. However, his new venture Tidal, an online music streaming platform, seemed to be having a mishap.
For the second time in a year, Jay Z's Tidal has lost two CEOs.
Peter Tonstad, reportedly decided to exit the company and leave his post with less than three months in position, The Wall Street Journal reported.
Prior to that Andy Chen, also left his CEO post in April.
The two executives however have failed to reveal the details of their resignation. However Tonstad confirmed to Norwegian newspaper Dagens Næringsliv that he has indeed left Jay Z's Tidal company.
"The only thing I can confirm is that I have resigned," he said of his resignation.
And while Jay Z and the rest of his company is looking for a replacement Business Insider reported that "it will be run by executives in New York and Oslo while it searches for another CEO."
Jay Z, who started from being an aspiring rap star and have now become an entrepreneur, took over of Tidal's parent company, the firm Aspiro, in March.
He won the company through a $56 million bid, and re-established the service as an artist-led endeavor. Since then Jay Z has brought big stars from the music industry to the platform among them are, Kanye West, Madonna and Beyoncé, as stakeholders.
"Tidal will be transitioning to a permanent C.E.O. as part of our strategic plan to create a leading platform," the company said in a statement on Tuesday referring to Tonstad's resignation, "and current executives in New York and Oslo will continue to lead our rapidly developing innovation and content initiatives until our new C.E.O. is in place."
And while the future of the company hangs in the balance Jay Z and Tidal need to up their game as they are in great competition with other giant musci streaming platforms like Spotify, Google, Apple Music and Pandora.
