Welp it's official!! After rumor and speculation, Apple has purchased Jimmy Iovine & Dr. Dre's, "Beats Electronics" and " Beats Music" for a whopping $3 Billion. Earlier this month, Dre was seen on video celebrating the deal, “The first billionaire in hip-hop right here from the motherfu**ing West Coast.”
As part of the acquisition, Dre and Iovine will both become key executives in Apple’s music divisions. According to Forbes, the deal would bump Dre’s net worth to around $800 million. While not quite enough to land on the Forbes 400, it would easily make him hip-hop’s wealthiest mogul, topping current champ Diddy by $100 million.
“We have known these guys forever,” Apple CEO Tim Cook told the AP. “We’ve dated, we’ve gone steady and now we are getting married. This relationship started a decade ago, so we know there is an incredible cultural fit. These two guys have a very rare set of skills. It’s like finding a particular grain of sand on the beach. It’s that rare.