Neither Iovine nor Apple have released a statement about the reports.
It's not clear who received all that stock, as SEC disclosures aren't required, but the two most prominent Beats execs that Apple got as part of the deal were Iovine and Dr. Dre, the co-founders (and substantial equity owners) of Beats. Iovine's ties to Apple dated back to 2003 when the tech company introduced the iPod and iTunes. However, Bloomberg reports that Iovine and Cue did not always see eye-to-eye.
An Apple Music subscription, like Spotify, costs $9.99 per month and plays ad-free music. Since then, Apple Music has grown dramatically, acquiring 30 million paid subscribers, second in the world behind streaming powerhouse Spotify, who yesterday announced hitting 70 million subscribers.
Iovine's plans at this point are unconfirmed. Experiments like Carpool Karaoke have not made a significant impact on the market, though Iovine's efforts to push curated music and other perks are laudable to music obsessives. He worked with top artists such as John Lennon, Bruce Springsteen, U2, and more. He said the impetus for Apple Music came when he thought of "girls... sitting around talking about boys". But when asked what he planned to do after Apple Music, Iovine told Billboard in a September interview that he was focused for the time being on bringing music streaming up to speed.