Dr. Dre and Jimmy Iovine are about to get paid.
In May, we reported on the race to become hip-hop's first billionaire, which found Dr. Dre, Diddy, and Jay-Z interlocked in a tight race to join the fabled three comma club. And while the latter two have had busy years, the good Doctor has largely operated behind the scenes, as he has been wont to do in recent memory. Still, that doesn't mean Dre hasn't been making money moves, something he has in common with his Apple Music and Interscope Records business partner Jimmy Iovine.
When the pair teamed up with Apple in 2014, Iovine officially entered billionaire status, after Apple paid the pair a reported $2.6 billion in cash and $400 million in stock. Now, Variety has broken down some of that stock projection, explaining that a 19$ average rise over three years would be worth a staggering seven-hundred-million today. It would appear Iovine and Dre will be looking to split that payout once their stocks vest in August; while it's unclear on how the percentages will be divided, it stands to reason that Dre will be a hell of a lot closer to billionaire status afterward.
As for Jimmy's future with Apple, it was recently revealed that the mogul was considering leaving the company. While Variety's report suggests he's unsure, the fact remains that his contract will be up this summer. Afterward, The Defiant One will be a free agent, able to take his creativity wherever he so chooses. Regardless, Jimmy played a pivotal role in launching Apple Music in 2015; the streaming service currently boasts a user base of thirty million.
For more on the story, check out the full report here.