(AllHipHop News) Close but no $1 billion cigar. Three weeks after Dr. Dre proclaimed himself Hip Hop’s first billinoaire in a cell phone video with Tyrese, his wealth is being reported at over $200 million short following the $3 billion sale of Beats by Dre.
Speculation of Dr. Dre becoming Hip Hop’s first billionaire artist/producer surfaced once rumors of the eventual Beats by Dre sale surfaced less than a month ago. However, Billionaire.com reports Dr. Dre’s overall networth at being at $790 million.
The details of the sale were not made public, however Forbes speculated a similar wealth total for Dre and assumed Dr. Dre’s payout would be half-cash and the rest in Apple stocks. Since Apple CEO Tim Cook has revealed that both Dre and Iovine will have roles at Apple, stock options exchange seems likely. In addition, Dr. Dre and Jimmy Ionvine only own 25% each of Beats and after taxes, the $3 billion payout turns Dre’s payout to roughly $240 million.