MTO WORLD EXCLUSIVE: Jay Z Is Feeling EXTRA TIGHT These Days . . . Cause He And His ‘BUSINESS FOLKS’ Turned Down The HEADPHONE DEAL . . . Before It Was Offered To DRE!!!

: just got wind of some VERY INTERESTING INFORMATION. You know how Dr Dre just made close to a BILLION dollars, by selling off his company BEATS BY DRE to Apple this week . . . well that BILLION could have belonged to JAY Z.

According to a TOP INVESTMENT BANKING SNITCH who worked on the initial deal to create the “BEATS” line – the company Monster first approached JAY Z with the idea of a headphone line. Jay Z’s folks basically told them that they weren’t interested. So the team then decided to go with the OTHER HIP HOP person they were interested in partnering with . . . DR Dre.

The insider told us that while it wasn’t CLEAR that Jay would get the deal over Dre . . . he dropped out of the running, because he wasn’t even interested. Now, a billion dollars later . . . dudes are TIGHT IN JIGGA’S CAMP.

Guess Jay’s just gonna have to make due with that $500 MILLI he’s worth . . . we feel AWFUL FOR HIM . . .