Apple made Jimmy Iovine and Dr. Dre billionaires when the tech giant bought Beats Electronics in 2014. Now, with their contracts with Apple up this summer, Iovine and Dre are set to cash in on some lucrative Apple stock.
According to Variety, Iovine and Dre’s stock holdings are set to vest in August and the entertainment magazine speculated that they are about to rake in a cool $700 million.
Iovine, who has had an unspecified role at Apple since 2014, was behind the formation of Apple Music, shifting the Silicon Valley company away from their iTunes model to a more streaming-focused platform.
But with Iovine’s contract up and all that bread waiting for him later this year, it’s unclear what’s next in the relationship between Iovine and Apple.
According to Variety’s sources, Iovine has been ready to leave the company,
“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.”
But, as Lisbeth Barron, CEO of strategic advisory form Barron International Group, told Variety, Jimmy Iovine has become a needed figurehead at Apple, losing him may bring a very difficult set of problems for the company,
“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.”
Iovine has basically filled Steve Jobs’ shoes since the Apple founder passed away, so it’ll be fascinating to see what Iovine, as well as his creative and business partner Dr. Dre, do when their contracts with Apple run out this summer.
Will Iovine and Dre continue to refine the Apple Music vision or depart for greener pastures? Wherever the duo take their talents, they’ll have the necessary bankroll to keep changing up the industry.