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(CNN)Lil Wayne dropped a bombshell Saturday that left fans simultaneously celebrating and speculating over what it could mean.

“I just signed a deal with my motherf–king idol, Jay Z,” said the rapper, whose real name is Dwayne Carter, as he took the stage at KMEL Summer Jam. The crowd erupted in cheers and rumors started spreading through the internet: Did this mean Lil Wayne was signing with Jay Z’s Roc Nation label amid a long-running beef with his current label, Cash Money Records?

Not today, Lil Wayne’s manager told Billboard. Lil Wayne was referring to his involvement with Tidal, Jay Z’s music subscription service, Cortez Bryant said. Lil Wayne joined Tidal as a co-owner this month, according to Forbes, and dropped an exclusive new track “Glory” to celebrate.

“The Internet and blogs took his words out of context,” Bryant told Billboard. “When Wayne was speaking about the partnership with Jay Z, he was speaking about his new deal as an artist owner with Tidal.”

It’s not exactly the collaboration some fans might have been hoping for. But Lil Wayne teaming up with Jay Z in any capacity is a big deal for a number of reasons.