Dr. Dre sells his famed 'Beats by Dre' to Apple for 3.2 billion dollars making him the wealthiest man in hip-hop.
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Dr Dre Hip Hop's first Billionaire
Dr Dre Hip Hop's first Billionaire
Dr Dre Hip Hop's first Billionaire
Dr Dre Hip Hop's first Billionaire Dr. Dre Celebrates Becoming 1st Billionaire In Hip Hop
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Dr. Dre sells his famed 'Beats by Dre' to Apple for 3.2 billion dollars making him the wealthiest man in hip-hop.
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Dr. Dre is on the verge of becoming the rap world's first billionaire.
The music mogul all but confirmed Friday that Apple was buying Beats Electronics, the company he co-owns that makes the good doctor's wildly popular Beats by Dr. Dre headphones, for $3.2 billion.
'First billionaire in hip-hop, right here on the motherf-----g West Coast,' Dre is heard saying in a NSFW video that appeared on R&B singer Tyrese Gibson's Facebook page.
The deal with the iPhone-maker would make the 49-year-old co-founder of Death Row Records hip hop's wealthiest roller.
Forbes calculated that after capital gains taxes, the deal would actually leave Dre about $200 million shy of being a billionaire. And his new net worth of around $800 million would not be enough to land him a spot on the Forbes 400.
But it would catapult Dre's worth ahead of Puff Daddy, who currently tops the magazine's rap-to-riches list with a net worth of $700 Forbes calculated that after capital gains taxes, the deal would actually leave Dre about $200 million shy of being a billionaire. And his new net worth of around $800 million would not be enough to land him a spot on the Forbes 400.
But it would catapult Dre's worth ahead of Puff Daddy, who currently tops the magazine's rap-to-riches list with a net worth of $700 million. Dre, whose real name is Andre Romelle Young, is second at $550 million.
In the Facebook v
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If yall have forgetten about Dr. Dre... SHAME ON YOU! Especially since apple is about to make him the world's first Hip Hop billionaire! I didn't even realize we hadn't yet reached that pinnacle in the music world. According to a Forbe's article just last month - the richest man in hip hop is...?! Diddy. Who else. Puff daddy. Whatever his newest nickname is. With a cool 700 mil in his bank account. Dr Dre was in second place with 550 million to his name. But that's all about to change now that Apple is finalizing a deal to purchase Beats by Dr Dre for 3.2 Billion bucks, making this there largest acquisition ever- IF it goes through. Now neither Apple nor Dr Dre were the ones to reveal the news. They were trying to be all hush hush until the actual deal was finalized, so that no one looked like an idiot if it didn't go through. But Tyrese instagrammed a bunch of videos Thursdays night of Dr Dre celebrating. He later deleted them. But he DID Instagram a photo of a man lying down on multiple bundles of cash of cash, writing, 'To all of the homies on South Central I was told our beds are gonna look like this soon!!!!
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Balwinder Singh, a taxi driver in Punjab became a billionaire for a day.
A sum of Rs 98,05,95,12,231 had been credited to Balwinder Singh’s Jan Dhan Yojana account at a branch of State Bank of Patiala on November 4.
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Dr. Dre will be Hip Hop's first billionaire when he sells Beats by Dre to Apple for 3.2 billion dollars.
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Apple is set to buy headphone maker Beats Electronics for $3.2bn (£1.9bn), it has been reported.
The Financial Times says the deal could be announced as early as next week, marking Apple's largest ever acquisition.
Founded by rapper and music producer Dr Dre and fellow music producer Jimmy Iovine in 2008, the firm produces 'Beats by Dr Dre' headphones and also runs a music streaming service.
Beats Electronics received a $500m (£295m) investment from Carlyle Group last September, valuing the company at more than $1bn.
It has been reported that Apple is contemplating a Spotify-like on-demand music service.
Spotify
Apple is reportedly planning to take on music-streaming service Spotify
Some technology analysts have speculated that the purchase plans are motivated by acquiring Beats' streaming arm rather than the headphones division.
Apple is sitting on a $133bn (£78bn) cash pile, and chief executive Tim Cook has said the firm has 'no problem' with spending large sums of money to acquire top companies.
Apple and Beats have not commented on the reports.
However, in a video posted by singer Tyrese Gibson, Dr Dre boasts that he is 'the first billionaire in hip hop'.
He then laughs as Gibson says: 'Billionaire boys club for real, homie. The Forbes list just changed.'
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