Apple deal could make Dr. Dre ‘first billionaire in hip-hop’
Rumored $3.2bn acquisition of Beats Electronics would mean a massive payday for its cofounder
Apple’s rumored acquisition of Beats Electronics would make the headphone maker’s co-founder Dr. Dre the ‘first billionaire in hip-hop’, the star has reportedly boasted.
The maker of the iPhone and iPad is reportedly preparing a $3.2 billion bid for Beats, which also runs a music-streaming service.
A successful deal would mean a massive windfall for Dre, who founded the company with legendary music producer Jimmy Iovine.
Dre reportedly boasted in an online video that the deal would make him the “first billionaire in hip-hop”, NYDailyNews.com reported.
An Apple buyout would certainly make Dre richer than fellow rapper Puff Daddy, who according to Forbes is worth about $700 million.
But there is some doubt over whether it would land him billionaire status, with the sale likely to leave Dre with a fortune of about $800 million.
Either way, a deal would mark the next chapter in Dre’s rags-to-riches story. The rapper grew up in the gritty Los Angeles suburb of Compton.
If the Apple deal is completed, it would be the largest purchase in the company’s history.