Apple hasn’t officially announced their purchase of Beats Electronics just yet, but hip-hop mogul Dr. Dre (Andre Young) has all but confirmed Apple is buying the audio electronics company that owes much of their success to his involvement.
He also isn't shy about how much money the sale will reportedly make him.
A video from actor and model Tyrese Gibson’s Instagram shows Dre and friends celebrating the 49-year-old producer’s soon-to-be inclusion in the Forbes Billionaires list. Gibson removed the video but not before TMZ got a hold of it:
Gibson refers to him as the "first billionaire in hip-hop," but is that true?
Apple is reportedly ready to purchase Beats Electronic for $3.2 billion. Dre and cofounder Jimmy Iovine reportedly own around 75 percent of the company. Back in September 2013, Beats sold a portion of stake in the company to the Carlyle Group. The company was valued at $1 billion then and Dre reportedly made around $250 million in the sale.
Dre is currently worth around $550 million. With taxes factored in, the Guardian expects Dre will make around $350 million from the Apple deal, bringing him up to an $800 net worth, making him the richest man in hip-hop, but clearly not a billionaire. Forbes agrees.
It also depends on what role Dre will play in the future of Beats as a part of Apple. He's listed as a co-founder on the Beats website, but does not hold a business title like co-founder Jimmy Iovine, who is listed as CEO. Iovine and the rest of the Beats team will reportedly work under Apple's executive team. If the rumors are true, Iovine himself will become a "special advisor" to Tim Cook.
If the Apple-Beats deal works out for the better and Dre maintains his involvement, he could make up the $200 million he supposedly needs to top the billion mark.
Whether Dre tops $1 billion or not, he’ll have bragging rights over hip-hop’s richest, which up until now was topped by Sean “P. Diddy” Combs. Dre is already in the No. 2 spot, followed by Jay-Z, Birdman and 50 Cent. We'll be waiting for the followup to the I Get Money Billion Dollar Remix that 50 Cent, Diddy and Jay-Z recorded back in 2007: