"If that was my son, he would look much different
See I'm light-skinned and that baby there's dark"
So it's mama's baby, papa's maybe
Mike is distancing himself from his son and rationalizing not taking care of him by claiming his son doesn’t look like him
The line: “Mama’s Baby, Papa’s Maybe” is possibly a reference to a Sanford and Son episode of the same name
Unless, Jay-Z has read the article “Mama’s Baby, Papa’s Maybe: An American Grammar Book” published in the scholarly journal Diacritics in 1987
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