I'm ballin' outta control, can you hear my sneakers
To ball means to have lots of money, and ballin' here also refers to the basketball term. You can see how much he has, thus, “hearing his sneakers”
It feels so good to laugh at the people who once tried to break you down, seeing that they haven’t amounted to anything in their lives and you have become an icon. So in a fashionable manner, Jay flips off the teacher who predicted his downfall and ends the song.
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