Update: According to MTV, Swizz Beatz is not CEO of Megaupload, but is “still seriously involved with the company” and was in negotiations to run the company. However, Beatz wasn’t named in the federal indictment against Megaupload and is no way connected to the crimes of which they are being accused.
Online file-sharing service Megaupload has been shut down and its executives have been indicted by Federal prosecutors, according to the Associated Press. The indictment reportedly acuses the company of costing copyright holders more than $500 million in lost revenue from pirated films and other content.
As reported yesterday, hip-hop producer Swizz Beatz is currently listed as CEO of Megaupload. The company was already in a legal scrap with Universal Music Group following the inclusion of the label’s artists, including Kanye West, will.i.am, and Diddy, in a promotional video for the website.