Reports of Taylor Swift paying $1 billion to buy back her own masters is "highly inaccurate," a source tells PEOPLE. The singer revealed on Friday May 30 that she regained control of her masters after six years.

In a heartfelt letter to fans, Taylor Swift said she bought back her recordings, and explained why she hasn't dropped 'Reputation (Taylor's Version).'

Back in 2005, Swift—who was 15 at the time—signed her first record deal with Big Machine Records, a Nashville-based label co-founded by Scott Borchetta. Like most artists, Swift had to sign away the rights to her master recordings, a standard part of music industry deals.

Taylor Swift announced May 30 that she owns all of her music — and may have left some Easter eggs about what she plans to do next.

This moment finally happened in spite of Scooter Braun, not because of him,” a source close to negotiations told Vanity Fair of the landmark deal that closes the book on a years-long, career-defining beef.

Taylor Swift and Jack Antonoff recreated their famous 'Getaway Car' behind-the-scenes video to celebrate Swift regaining control of her first six albums; The masters for her first

Taylor Swift announced Friday that she bought her masters back from Shamrock Capital, meaning she owns her full music catalog for the first time.