The Black Eyed Peas frontman says that his share of the $3 billion Beats Electronic sold to Apple for will benefit his i.am.angel Foundation, which works with underprivileged high school students.
“I used to have 60 kids,” he says. “Now I have 300 kids and there’s a waiting list for people who want to join my program. I was going to raise money to pay for the 300 kids. Now I can pay for them myself.”
The rapper-producer also discussed his bond with fellow Beats executive Jimmy Iovine in the article. will.i.am said that Iovine offered the Black Eyed Peas about $500,000 less than other record labels, but that Iovine made the rap group a promise.
“Jimmy was like, ‘Look, Will, this game has gotten out of control,” will.i.am says. “For a group like yours, $450,000 is sill a lot of money. You can go sign with Polly [the late Polly Anthony at Sony] for a million-plus, because I’m not going to give you that kind of money. It’s ridiculous. But I promise you, if you sign with me for $450,000, no matter how many records you sell, you can always make records with me until you guys get it right. I promise you that.’”