The imminent purchase of headphone maker Beats by Apple for $3.2 billion is set to make music veteran Dr. Dre (real name Andre Young) the wealthiest man in hip-hop.
While there are reports that the acquisition of the hip headphone brand by Apple would make Dr. Dre the first billionaire in hip-hop, Forbes is reporting those estimates are a bit exaggerated.
The 49-year-old rapper/producer stake in Beats currently stands somewhere between 20 to 25%. After capital gains taxes, which could take a chunk of his payday away, Dr. Dre is set to likely net something around $800 million. Though a huge amount of money, still not enough to land the former World Class Wreckin’ Cru and N.W.A. member on the Forbes 400.
Talk of Dr. Dre becoming an instant billionaire and the finalization of the deal started because of a YouTube video that his friend, singer/actor Tyrese Gibson posted on Facebook. In the congratulatory video, where Dre appears, Gibson celebrates his pal’s financial windfall and calls him: “First billionaire in hip-hop, right here!”