When news first broke about Dr. Dre and business partner Jimmy Iovine selling Beats Electronics to Apple, the reactions of the public ran the gamut from celebratory and congratulatory to skeptical and full of doubt. Perhaps some aren't comfortable with the idea of a man who was once in a group, called N*ggas With an Attitude (NWA), becoming the first hip-hop billionaire-beating P. Diddy and Jay Z to the proverbial punch by a few hundred million.
The deal was initially announced back in April. But this week, Apple made it official, coming after weeks of speculation on whether it would actually happen or not. Some believed the deal had been shelved because Dre mentioned the news in a video posted on social media by actor/singer Tyrese. Others reported consternation on the part of Apple, hinting that Dre appeared drunk in the video. There was a visceral amount of ridicule emanating from blogs regarding his level of intelligence, or lack thereof, for ruining the deal with his antics.
But who’s laughing now? When news outlets began reporting that Apple had finally finalized the deal to purchase Beats By Dre at a whopping $3 billion, it became apparent beyond speculation that Dr. Dre is now truly a billionaire.
The deal actually breaks down to $2.6 billion in cash, $400 million in Apple stock and high-paying jobs in the company, according to The New York Daily News. As sweet as this deal is, there are still some who ignorantly impugn the name of Dre as a “sellout” for selling Beats Electronics. But those individuals are likely not aware of what it takes to create generational wealth. They are not even remotely qualified to speak on the motivations of an entrepreneur of Dre’s stature.
Let us break it down for you. From being a member of the World Class Wreckin’ Cru to NWA and Ruthless Records, to the release of The Chronic and Death Row Records, to his move to Aftermath Records, Dr. Dre has shown himself to be incredibly resilient at placing himself in a better position with every move he makes.
In 2008, Dre and Jimmy Iovine released the Beats by Dre headphones. And the rest, as we now see, is history.
Is that selling out? Maybe. But only a broke, jealous person will see this move as a negative thing. Capitalism is all about buying low and selling high. It’s the American way. And Dr. Dre, a brother who proudly represent hip hop, is now as good as anyone else who has ever done it. Stop the hate. Handle the truth.