The majority of the second verse is Lupe pointing out how Jay has prostituted his music, as “it was all becoming cool”.
The “what constitutes a prostitute is the pursuit of profit” line is saying that Jay-Z would rather go mainstream and make more money than stick to his roots and gain respect.
“Pat her on the butt then ‘Roc’ it”
Then the last line is people telling him to lay off Jay-Z, as they’re not in the same business anymore, with Jay-Z having sold out. Also a reference to Big Pimpin’.
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