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!
Discover more from Baller Alert
Subscribe to get the latest posts sent to your email.
