It’s official. Nearly three weeks after initial reports, Apple has agreed to acquire Beats Electronics and Beats Music, founded in 2008 by Dr. Dre and Jimmy Iovine.


Apple is acquirinh the companies for a total of $3 billion, consisting of $2.6 billion in cash and $400 million in Apple stock. 

Dr. Dre was seen celebrating the news earlier this month in a video posted online.

“The first billionaire in hip-hop right here from the motherfu**ing West Coast,” declared Dre.

According to Forbes, the deal would bump Dre’s net worth to around $800 million. While not quite enough to land on the Forbes 400, it would easily make him hip-hop’s wealthiest mogul, topping current champ Diddy by $100 million.