Beats By Dre To Sell For $3.2 Billion To Apple; Dr. Dre First Hip-Hop Billionaire?
Talk about starting from the bottom, now we’re here…Dr. Dre is poised to become the first billionaire in hip-hop. Dre is reportedly in talks with Apple to sell Beats by Dre for $3.2 billion, which he will split with partner Jimmy Iovine. Ch-Ching!
If this deal goes through, Dr. Dre will be the first billionaire made from hip-hop. Diddy, Jay-Z, 50 Cent, and Dr. Dre have all been battling for the top spot in hip-hop as the highest income earners, so it’s only a matter of time before one of them will reach billionaire status. This deal with Apple will put Dr. Dre over the top– leaving the rest of the field in his dust. This is the type of beef we need more of in hip-hop, the war of money.
Forbes calculated that after capital gains taxes, the deal would actually leave Dre about $200 million shy of being a billionaire. And his new net worth of around $800 million would not be enough to land him a spot on the Forbes 400.
$200 million in capital gain taxes? Oh my! Doggone taxes! Not bad for a controversial rapper from Compton.
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