Dr. Dre Set To Become Rap’s First Billionaire With Sale Of Beats Entertainment
Is Dr. Dre about to be rap’s first billionaire?
Forbes reports that the 49-year-old producer is about to pass up Sean “Puff Daddy” Combs as the wealthiest man in hip-hop due to the reported buyout of his company Beats Electronics by tech powerhouse Apple.
The company is reportedly set to be sold for a cool $3.2 billion, according to The Financial Times, which would significantly bump Dr. Dre’s net worth up from where it currently sits at $550 million (Combs is worth an estimated $700 million.) Still, billionaire status is yet to be confirmed.
Rumors of the buyout come less than a year after the Beats By Dre music streaming service was launched, which the hip-hop mogul created with Beats Electronics co-founder Jimmy Iovine along with Trent Reznor. Meanwhile, the company’s line of headphones have been wildly popular for several years.
According to The Daily Mail, the acquisition of Beats would mark the largest purchase for Apple in at least ten years. However neither Apple nor Beats Electronics have made an official announcement.