Diddy is still at the top of the music industry with one of the highest net assets in the business. But before Dr. Dre’s deal with Apple, the legendary producer was close to catching up with Diddy. However, Diddy’s small oversight played a role in the fact that Dr. Dre did not receive a lot of money from his deal with Apple. And it had a big impact on his net worth.
Dr. Dre once declared that he would become the first hip-hop billionaire after the deal with Apple.
At the time Dre’s deal with Apple was announced, Diddy was hip-hop’s highest-paid business mogul. Rolling Stone estimated Diddy’s net worth at $700 million in 2014. Meanwhile, Dre was in second place after Diddy with a reported fortune of $550 million.
But Dr. Dre was predicted to get ahead of Diddy in his deal with Apple. The artist “Forgot About Dre” and his Beats Electronics partner Jimmy Iovine were going to sell the Beats brand to Apple for allegedly $3.2 billion. Dre celebrated this acquisition a little earlier, as the graduate of “Fast and Furious” Tyrese once posted a video on Instagram in which Dre declared himself a billionaire.
“It’s not often you get to listen to Beats with Mr. Beats himself,” Tyrese said in the video. “The Billionaire Boys Club for real. The Forbes list has just changed. It turned out like two weeks ago. They need to update the Forbes list. S*** just changed.”
In the video, Dr. Dre appears to confirm Tyrese’s claims.
“Understand this. The first billionaire in hip-hop. Right here, from the fucking West Coast,” he said.
It was assumed that Dre’s net worth would have soared to $800 million after the $3.2 billion deal. But, unfortunately, there was a small setback in everyone’s plans.
Diddy’s role is that Dr. Dre Lost $200 Million, and How It Affected the CEO’s Net Worth Aftermath
It turned out that Dre and Tyrese’s Instagram video could have cost Dre an additional $200 million in a deal with Apple. New York Times writer Tripp Mickle explored Apple’s deal with bits in his book “After Steve: how Apple became a trillion dollar company and lost its soul” (via Vibe). According to Mikl, the only thing that could potentially ruin the deal between Apple and Beats was the leak of information about the deal. Because of this, Mickle stated that Iovine warned all participants not to talk about the deal publicly.
Later, Iovine found out about Dre and Tyrese’s Instagram video on the phone with the Bad Boys producer. The Instagram video contradicted Iovine’s warning, and Iovine was concerned that it meant the end of the sale.
“At 2 a.m., Iovine got a call from Puff Daddy, who was shouting that Dre and rapper Tyrese were discussing a deal in a Facebook video. Iovine turned on the video and cringed when he saw Tyrese bragging about being drunk on Heineken in the recording studio. When the information about the video reached [Apple CEO Tim] Cook, he called Iovine and Dre to [Apple headquarters in] Cupertino,” Mickle wrote.
The deal didn’t die, but Apple cut an additional $200 million from the sale. According to Forbes, this meant that the deal helped increase Dre’s net worth to $700 million. Despite the significant increase, this ensured that Diddy’s net worth would remain higher than Dre’s. In 2015, Forbes reported that Diddy’s fortune was $735 million, making him the richest man in the rap industry at the time.
Dr. Dre vs. Diddy’s Equity in 2022
Dr. Dre’s net worth has fluctuated slightly over the years, and now Celebrity Net Worth estimates it at $500 million. Meanwhile, Diddy’s net worth has only grown over the years and is said to be $900 million.