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Dr Dre dubs himself 'hip-hop's first billionaire' as Beats deal with Apple nears - watch

Rapper and entrepreneur appears in video with Tyrese celebrating deal

Pic: Press
Dr Dre has dubbed himself "hip-hop's first billionaire" after it was announced that Apple look set to buy his Beats Electronics company in a multi-billion dollar deal.

A video of Dre reportedly celebrating the deal with Tyrese was posted on the singer and actor's Facebook page yesterday (May 9) and subsequently removed.

The video, which can be seen above, shows the pair together and discussing the huge deal which is set to boost the rapper and producer's already sizeable wealth. Dre describes himself as, "The first billionaire in hip-hop, right here from the mother-fucking West Coast, believe it!" Tyrese adds that, "the Forbes list just changed."

Forbes Magazine listed the wealthiest people in hip-hop earlier this year, placing Dr Dre second to Puff Daddy and his $700m wealth. Published prior to any deal with Apple going through, Dre's worth was estimated at $450m.

Billboard reports that Dre's stake in Beats is estimated to be between 20-25 per cent. Therefore, the deal with Apple could net him between $640 million and $800 million before taxes.

If completed, the Beats deal will be Apple's biggest ever acquisition. The reported price marks a huge increase on Beats most recent valuation, which placed the company's worth at nearer the $1bn (£590m) mark following a $500m (£295m) investment from the Carlyle Group in September 2013.

Beats was founded in 2008 by Dr Dre and music producer Jimmy Iovine. The company was originally known for its high end headphone range but has more recently moved into the subscription-based music streaming business with the launch of Beats Audio earlier this year (2014).

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