American entrepreneur, record executive, and media proprietor best known as the co-founder of Interscope Records Jimmy Iovine has an estimated net worth of $1 billion. Iovine made his first fortune as a co-founder of Interscope Records, which was hugely successful in the 1990s and 2000s thanks to hip-hop artists like Dr. Dre, Tupac Shakur, Snoop Dogg, and Eminem.
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In 1996, MCA Inc. purchased 50% of Interscope for $200 million.
Iovine’s second fortune was as the co-founder of Beats Electronics with Dr. Dre, which Apple purchased for $3 billion in May 2014.
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At the time of they sold Beats Electronics, Iovine and Dr. Dre owned 25% of the company, which included $2.6 billion in cash and $400 million in stock.
After the sale, they each took home $750 million before taxes (roughly $580 million after taxes).
One of the primary reasons Apple was interested in the acquisition was to hire Iovine as an executive to assist them in future negotiations over music and video licensing deals.
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