UPDATED: Dr. Dre Says He's The Richest Man In Hip-Hop
Posted by Joseph Lee on 05.09.2014
But he's not a billionaire after all...
TMZ has spoken with Forbes magazine, who say that Dre's Beats sale to Apple won't quite make him a billionaire. The assistant managing editor for wealth at Forbes, who publishes yearly lists of the richest names in hip-hop, says that they've done the math for the still-closing deal and that it will bring Dre to around $800 million.
The site notes that Dre owns about 25% of the company and so he will make around $800 million. Cut out state and federal taxes and he'll be down to $480 million, which adds into the other assets for the $800 million total value figure.
As the editor put it, "Not quite enough to debut on the Forbes 400 but plenty for bragging rights."
ORIGINAL:TMZ reports that Dr. Dre celebrated his headphones deal with Apple last night and said that he is the richest man in hip-hop. Apple is close to finalizing a deal to buy Beats headphones for $3.2 billion. Once the news leaked, Dre went to the studio with Tyrese, director F. Gary Gray and others to drink champagne, Heineken and Hennessy. The group partied until 4 AM.
Dre said: "The first billionaire in hip hop ... right here from, the mother f**king West Coast!!"
Tyrese added: "Oh s**t, the Forbes list just changed!"