Ok, my reasoning to Jeezy:

He emphasizes Nukkkaaa like jeezy throughout the entire song!

T.i has multi big houses but Jeezy is just now getting there (as he refers to fitting 4 of his houses into his daughters room), then Luda says he (Jeezy?) can call himself anything BUT the multi million man, and if you heard Jeezy's mixtape the song "2million records sold" that was a diss to someone but no1 could ever figure it out. People speculated Jermaine
Dupri because of past BAD relations but I thought it was a past/current member of B.M.F (Black Mafia Family). Then T.I doesn't trap anymore but Jeezy still does with B.M.F and he continuously talks about
AK's, Tec's, Calico's, etc (referring to how Luda was saying you don't bust a shot). Also, the 2 bars about him (Jeezy?) talkin shit about real niggas doin real time.(Referring back to 2million records sold, Jeezy was calling out someone who was/is still in jail maybe Gucci Mayne or someone in B.M.F?). "I hear ya talkin but u ain't made it to 3" This is deffinately a Jeezy Diss (Again referring to the song "After 2 million records sold").

So yea, I'm thinking there was some controversy going wrong within each artists labels and Jeezy started throwing names out there. Luda coming back to answer his problems hit him with this song. It only makes sense now after questioning that song on Jeezy's mixtape.