They expanded the brand by buying struggling music streaming service MOG in 2012 and turning that into a the subscription-based Beats Music before selling to Apple.
Iovine admitted that he does own shares that will vest in August, as the initial reports claimed.
But now, Iovine has shot down these rumours, reports Variety, saying "All this stuff you're seeing in the newspapers, let me tell you, my stock vested a long time ago".
Last week, the music industry blog Hits Daily Double and Billboard reported Iovine is leaving the company, which he joined in 2014 when the iPhone maker bought his company, Beats, for $3 billion. Iovine once explained that he wants Apple Music to be more than just songs and playlists, leading to the launch of original shows like Planet of the Apps and Carpool Karaoke. On this matter, Iovine said he thought different.
"Everybody's talking about the great oil gusher, but it's not going to scale unless streaming gets more interesting".
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The answer, says Iovine, is original content. "I have a deal, and certain things happen along that deal", he continued in the Variety story.
There, he shut down all the reports that he would be leaving the company and made it very clear that he is loyal to Apple and would not be departing.
Iovine does not have a title at Apple Music but has been seen as an influential presence, using his deep connections in the music industry to build the service's catalogs. That's why those articles annoyed me, because it had nothing to do with reality. The streaming service now has over 30 million subscribers, and thanks to Iovine's contributions, he may remain in a consulting role.
Iovine spoke about the possible financial reasoning and said that he was not pleased that the media focused on this aspect of the rumor. He said that his next chapter will involve getting Apple Music to another level of streaming.
Iovine's departure, timed to the end of an employment contract, has been widely discussed throughout the music industry for many months.