Dr. Dre could become the world's first billionaire rapper if Apple goes through with its purchase of Beats Electronics, the headphone maker co-founded by the hip-hop star.
Andre Young, aka Dr. Dre, is ranked second on Forbes' list of the wealthiest hip-hop artists of 2014 with an estimated wealth of $550 million. But if Apple's acquisition gets the green light, it could propel him to the number one spot, surpassing Sean Combs, aka Puff Daddy, who has a net worth of $700 million.
Reports from the Financial Times early Friday revealed that the U.S. tech giant's purchase of Beats Electronics is valued around $3.2 billion.
There is no publicly-available information about how big Young's stake in Beats is, but according to Wall Street Journal, the rapper and co-founding music mogul Jimmy Iovine are majority owners.
Young's Forbes ranking means he needs another $450 million to become hip-hop's first billionaire; that's equal to a 15 percent stake in a $3 billion company like Beats Electronics. While it's highly likely Young's stake exceeds that figure, it also important to remember that his current estimated wealth assigns some value to his stake in the company. (For more on the math, click here)
The California-based artist accumulated the majority of his wealth after founding Beats Electronics with music producer Jimmy Iovine in 2008. With an around 65 percent share of the headphone market, the company's valuation has topped the $1 billion mark.