Dr. Dre, who came in number three on Forbes Wealthiest In Hip Hop list, may skyrocket to number one and beat out Jay Z and Diddy to become the first Hip Hop Billionaire. Apple has announced their plans to acquire Beats by Dre for $3.2 Billion. Beats Electronics was founded in 2006 by Dr. Dre and Interscope-Geffen-A&M Records chairman Jimmy Iovine. The deal, which is set to close next week, means that Apple will not only acquire Beats by Dre’s audio devices, but also Beats Music , Beats Electronic’s newly launched streaming music service.
HTC Corp. used to own a 51 percent stake in Beats, a controlling stake that it purchased for about $300 million. The company sold back 25 percent of Beats in 2012. In September, Carlyle Group LP bought a minority stake in the company.
Looks like Dr. Dre is well on his way to Billionaire Status. Congratulations, history in the making!
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