UPDATE: TMZ
Dr. Dre better stop counting his chickens before they hatch — calling himself the “first billionaire in hip hop” — a rep for Forbes tells TMZ, once the $3.2 Billion Apple deal is finalized … the rap mogul will NOT hit the billion dollar mark.
Forbes Assistant Managing Editor for Wealth tells us … they've done the math, and after state and federal taxes … Dre will be worth in the neighborhood of $800 million.
It appears Dre only owns 25% of the company … so the max he'd make off the sale is $800 MIL. After state and federal taxes, he's left with $480 MIL, and when you add in Dre's other assets, that's how Forbes now comes up with $800 MIL. Close but no cigar.
The editor says, “Not quite enough to debut on the Forbes 400 but plenty for bragging rights.”
Financial Times is reporting that Apple is poised to make its largest acquisition ever with a planned $3.2 billion USD being forked over to purchase Beats Electronics. According to insiders, Apple will acquire Beats’ streaming music service, which launched this year, and its audio equipment business, which includes its brand of headphones and audio equipment. This proves to be a shocking announcement – both for the price tag as in the past the company was valued at $1 billion after Beats took a $500 million dollar investment from Carlyle in September 2013 – and for Tim Cook’s plan for a high-profile acquisition that differs from that of the late Steve Jobs. According to CNBC, “Apple executives have admitted that its brand is in need of a revamp. Internal emails released during its recent patent trial with Samsung showed that its marketing chief Phil Schiller considered changing Apple’s ad agency after the success of its Korean rival’s ‘next big thing’ campaign.” While it’s still a rumor at this point, there’s no denying that this would be a major shakeup.
