Apple makes Dr. Dre a billionaire

Apple is going to make Dr. Dre the first hip-hop billionaire as it confirmed that it intends to buy Beats Electronics for $3 billion.

Although the sum has slightly dropped from the $3.2 billion initially announced at the beginning of the month, with Dr. Dre's 25% stake in the firm, the price is still enough to crown the artist as the richest man in hip-hop.

The question comes as to why would the tech giant want to buy a headphones company, especially since Apple could have easily built its own devices as wearable tech.

Apple CEO, Tim Cook, disclosed for the New York Times that the people at Beat Electronics are the real treasure behind the deal: 'These guys are really unique. It's like finding the precise grain of sand on the beach. They're rare and very hard to find.'