Several outlets are reporting Apple is close to acquiring Dr. Dre’s wildly popular company, Beats Electronics, for a staggering $3.2 billion.
Dre started the company in 2006 with Interscope Records co-founder Jimmy Iovine, and since then it has grown to be one of the most popular electronics brands in the world on the strength of its trendy “Beats By Dre” headphones.
This year, Dr. Dre leapfrogged Jay-Z to be hip-hop’s second richest man (only second to Sean ‘Diddy’ Combs) with an estimated net worth of $550 million, and according to Forbes, if Apple purchases Beasts for $3.2 billion, Dre’s holdings, approximately 25 percent of the company, would nearly double.
Although Apple nor Beats has confirmed the deal, Dr. Dre seems to be already taking a victory lap. A video surfaced today of Dr. Dre in the studio with Tyreese bragging about being “the first billionaire in hip hop.”