Jimmy Iovine and Dr. Dre became billionaires when Apple bought Beats in 2014, earning them $2.6 billion in cash and $400 million in stock.
According to Variety, once Dre and Iovine’s stock holdings vest in August, the stock could be worth about $700 million. The publication came to the number by using a metric of a 19 percent average rise over three and a quarter years. Iovine is reportedly planning to leave Apple this summer, after the stock vests, while likely retaining a consulting role. However, a source for Variety claims the music executive has yet to make a decision. While Iovine has no official title at Apple, he did assist with the launch of Apple Music in 2015. The streaming music service currently has more than 30 million subscribers.
“When Apple lost Steve Jobs they needed a creative dynamo to fill his shoes, someone with his passion and insight in the industry to fill that tough spot, and very few were up to that task. Jimmy is one of the few,” Lisbeth Barron, chairman, and CEO of Barron International Group, a New York-based media advisory firm told Variety. Apple stock (NASDAQ APPL) closed at $175 per share on Friday, up 1.14 percent.