The star-studded re-recording of the 80s aid-to-Africa song features the voices of Miley Cyrus, Pink and Celine Dion.
It was debuted at the opening ceremonies of the olympics last week.
Jay-Z tells MTV news that to him, the song is like Michael Jackson's Thriller, and it shouldn't be touched.
He says he applauds the effort and the money raised, but he thinks it's time to make a new song.
