(HYPEBOT) — Jimmy Iovine and Doctor Dre became billionaires when Apple bought Beats in 2014, paying $3 billion – $2.6 billion in cash and $400 million in stock. In August, when that stock vests and their employment contracts end, the pair are poised to net more than $700 million, thanks to growth in Apple stock.
Iovine is reportedly planning to leave Apple this summer, after the stock vests, while likely retaining a consulting role.
Even though it has 30 million paid subscribers, some call Iovine’s tenure at Apple Music less than a resounding success, because it lags behind Spotify in growth. But for others, Apple needs more Iovine, not less.
“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%.