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Music mogul JAY-Z is shutting down rumors that he set up a trust fund for Nipsey Hussle.

According to new reports, Jay Z had quietly put together a $15 million trust fund for late rapper Nipsey Hussle‘s family. Jay Z now says those reports are FALSE!!

Online reports earlier today said that Lauren London is the trust's executor - and the beneficiaries are Nipsey's two children - Emani and Kross.

Jay Z and Nipsey were friends, and business partners. Jay Z was introducing the young Cali rapper to his corporate partners - and they were starting to put together massive deals together.

With Jay Z's partnership, Nipsey signed a deal with Puma Management - where Jay Z has been serving as creative director since last summer. Also, the late entrepreneur released a Paper Plane’s cap collection with Jigga’s right-hand guy, Emory Jones.

Nipsey was a VERY good businessman, and likely had saved up millions of his own for his family. So his kids didn't need any money from Jay Z.

So it wasn't necessary for Jay to create the fund.

The internet salutes Jay Z for clearing the rumor up:

Nipsey Hussle was in the process of filiming a documentary about legendary healer Dr.Sebi. Nipsey and many others believe Dr.Sebi was assassinated for being able to cure aids and cancer.

As you know the Grammy-nominated rapper Nipsey Hussle was killed in a shooting outside his clothing store in Los Angeles, multiple law enforcement sources said. Two other men were in serious condition, and a suspect remained at large.