Despite claiming that he would shortly be the first billionaire in hip-hop, Dr Dre won’t reach that milestone even if yesterday’s reports that technology giant Apple are in talks to acquire Beats Electronics for USD$3.2 billion are true.
Forbes Assistant Managing Editor for Wealth has told TMZ that once all the math is done, and the state and federal taxes accounted for, Dre will be worth around USD$800 million, because he only owns roughly 25% of the company.
The details show that after tax, Dre would be left with USD$480 million, but that when you add on his other assets his total wealth would be around the USD$800 million mark. The Forbes editor explained that it’s, “Not quite enough to debut on the Forbes 400 but plenty for bragging rights.”
Dre made the hip-hop billionaire claim in a homemade video which was originally uploaded to Facebook by actor Tyrese Gibson, suggesting an imminent public announcement by Apple. Gibson congratulates Dre in the clip, saying “Billionaire boy’s club for real hommie.”
When Dr Dre finally comes into shot, he says, “The first billionaire in hip-hop, right here from the motherfucking West Coast.” The full clip can be seen below, although it has now been pulled from Facebook.
The Apple/Beats deal is reportedly worth a total of USD$3.2 billion, and if true would be the largest acquisition Apple has ever undertaken. Beats, a high-end audio products and equipment company, was co-founded by Dr Dre in 2008.
Forbes published their 2014 list of the wealthiest stars in hip-hop in April this year, with Dr Dre coming in second behind Sean “Diddy” Combs. But it seems like that may all be about to change, even if Dre doesn’t break that billion dollar barrier.
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Why Dr Dre Won’t Be Hip Hop’s First Billionaire Just Yet - Music Feeds