Dr. Dre, Jimmy Iovine Slated To Make A Reported $700 Million Through Apple Stocks
Dr. Dre and Jimmy Iovine received hefty paychecks in 2014 when Apple purchased their Beats Electronics for a cool $2.6 billion, where the two earned a reported $400 million in stock.
Yet in addition to that amount, the duo is reportedly slated to amass $700 million once their stocks vests in August of this year, reports Variety. The publication calculated this number by using a 19 percent median rise over three and a quarter years.
It’s still in the air if Iovine will be leaving Apple this summer, but no matter the decision, the music mogul will still be profiting from the company. Here’s how Variety breaks it down:
Of course, with a market cap in excess of $900 million (nearly $1 trillion, at current share prices) Beats, Apple Music, Beats Radio 1 and additional initiatives by Iovine and his team are “a tiny blip” in the Apple ecosystem, says one insider, as is a payout of nearly $1 billion. Another source says Iovine’s plan was always to exit once hitting the last of his exercise options over a three-year vesting period. He could, however, continue to work with Apple in a consulting role.