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West-Coast Rap Master Andre Romelle Young, known as Dr. Dre, record producer, rapper and entrepreneur will be hip-hop's first billionaire! Apple and Beats Electronics are making history, Apple is reportedly closing a deal to buy headphone manufacturer Beats Electronics for 3.2 billion dollars. It would make Apple's California based company largest ever acquisition. Dr. Dre is presently worth 550 million dollars. Dr. Dre and his partner Jimmy Lovine created the wearable headset Beats Electronics in 2008. They made headphones fashionable by wearing them while spinning the rap songs added with street smarts. In 2012, 50.1% of the company cost HTC $309 million and in September 2013 a $500 million investment from Carlyle valued the company at more than $1 billion.
Apple was attracted to Beats Electronics because of the recently launched a streaming music service with the popularity of iTunes service appears to be falling in Apples iStore. In contrast, yet the subscription services seem to be growing fast. Having revenues increasing by 50% to $1.1bn in 2013, this reported by global music industry association IFPI. Downloads, however, fell 2% to $3.93 billion. Share holders my want to pay attend to that. Dr.Dre present stake in Beats is thought to be somewhere between 20 and 25%. The acquisition merger estimated value is worth 800 million dollars. Placing him ahead of East-Coast rappers Diddy and Jay Z and on the path to becoming the first billionaire inter-city rapper.