Dr Dre Set To Become Hip Hop's First Billionaire As Apple is Set To Buy Beats Electronics For $3.2bn

Producer and rapper Dr Dre is set to become Hip Hop's first billionaire as Apple Inc. is close to sealing a multi-billion dollar deal to purchase Beats Electronics. Beats Electronic is a company he founded with music producer Jimmy Lovine in 2008. The company produces the popular Beats By Dre headphones and also runs a music streaming service.

Apple wants a music-on-demand service to rival Spotify, which is a digital music service that gives people access to millions of songs.

It was announced today that the acquisition could be announced next week.

Last night, singer Tyrese posted a video where Dr Dre proclaimed himself the first billionaire in Hip Hop. Dr Dre is currently worth $550million.

In the video, Tyrese said:

"Billionaire boys club for real, homie. The Forbes list just changed.… Sh*t just changed!” Dr Dre added:

“The first billionaire in hip hop, right here from the motherf*cking West Coast!”