MTV News caught up with Jay on the red carpet of his Shawn Carter Foundation’s Making the Ordinary Extraordinary asked what exactly is going on between him and Lil Wayne?

Last month, Wayne’s song “It’s Good” leaked days before the release of his Carter IV album, and the Cash Money MC seemed to have a few choice words for Jay and his lady on the track.

“Talkin’ bout Baby money? I got your baby money/ Kidnap your bitch, get that how-much-you-love-your-lady money,” Wayne spits on the song. To many, it was a direct response to Jay’s supposed jab at Young Money’s head honcho and his adoptive “father,” Bryan “Baby” Williams, on “H.A.M.”

On the Watch the Throne track, Jay raps, “I’m like, ‘Really, half-a-billi?’ N—a, really, you got Baby money/ Keep it real with n—as, n—as ain’t got my lady money.”

Wayne recently downplayed talk of a feud between the rappers in a Vibe magazine cover story, saying music isn’t about competition anymore, and adding that he didn’t think there would be any repercussions as a result of his song. “Every man should know the repercussions and consequences behind whatever they do before they do it. And of course, I know there won’t be any repercussions behind what I did.”

Jay-Z told us he didn’t want to dwell on the topic, especially considering the education fundraiser was about a positive cause. But he didn’t have much to say about Wayne’s “It’s Good,” other than that it was to be expected in hip-hop.

“That’s sport, that’s rap music,” Jay said. “Nothing is going to change but the participants. I don’t even see why that’s news.”