News — Kanye West

Forbes has disputed viral news reports that rapper and fashion mogul Kanye West is the richest Black person in U.S. history. The latest valuation of his recent business deals put his net worth at $6.6 billion.

Bloomberg reported that Yeezy, West’s sneaker/apparel partnership with Adidas, is worth between $3.2 billion and $4.7 billion. It said the African-American rapper owns a 100% stake in Yeezy and also has a partnership with The Gap which is valued at $1 billion. West also has additional income coming from his $110 million music catalog, $122 million in cash and stocks and business investments with his estranged wife Kim Kardashian’s SKIMS underwear brand, the report added.

According to documents viewed by Bloomberg, Gap expects its Yeezy line to break $150 million in sales in its first full year in 2022 and envisions it becoming a billion-dollar revenue brand in 2023. The documents also showed that sales for Yeezy’s Adidas sneakers survived the effect of the pandemic by posting a growth of 31% and making nearly $1.7 billion in revenue while netting $191 million in royalties.

With the reported net worth of $6.6 billion, West has surpassed Oprah Winfrey’s $3.5 billion net worth, David Steward’s $3.9 billion net worth, and Robert F. Smith’s $6.5 billion, according to Celebrity Net Worth.

But, according to Forbes, West is worth less than one-third of the amount recently reported based on its own calculation. It said reports on the Black celebrity’s worth are based on the magical thinking around sales that don’t yet exist.

Forbes estimates his worth to be $1.8 billion, which is a big jump from last May’s estimate of $1.3 billion, stressing that his total worth is nowhere near the reported $6.6 billion.

Forbes further emphasized that the founder of Vista Equity Robert F. Smith remains the richest Black person in the U.S. with an estimated net worth of $6 billion while Aliko Dangote of Nigeria, worth $11.8 billion, is the richest Black person in the world.

West had previously claimed he was worth $3 billion although Forbes published that his net worth was lower than he claimed. Displeased with Forbes’s valuation of his worth, West, according to the People, texted Forbes, “It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”

Kanye West is arguably one of the best musicians in the world. The rapper became a certified billion last April following the impressive success of his businesses. The 22 Grammy winner has a booming sneaker and apparel business, making him one of the most successful celebrities in the world.

The rapper turned entrepreneur is not just a billionaire but a multibillionaire following the latest estimate of his business deals. West is officially worth $6.6 billion, according to Bloomberg, making him the richest Black man in U.S. history.

This latest information about the worth of West comes following valuations prepared by investment bank UBS Group AG. Yeezy, West’s sneaker/apparel partnership with Adidas is worth between $3.2 billion and $4.7 billion, according to documents reviewed by Bloomberg.

The African-American rapper owns a 100% stake in Yeezy and also has a partnership with The Gap which is valued at $1 billion. West also has additional income coming from his $110 million music catalog, $122 million in cash and stocks and business investments with his estranged wife Kim Kardashian’s SKIMS underwear brand.

Bloomberg reports that Gap expects its Yeezy line to break $150 million in sales in its first full year in 2022 and envisions it becoming a billion-dollar revenue brand in 2023.

The documents also showed that sales for Yeezy’s Adidas sneakers survived the effect of the pandemic by posting a growth of 31% and making nearly $1.7 billion in revenue while netting $191 million in royalties.

West had previously claimed he was worth $3 billion although Forbes published that his net worth was lower than he claimed. Displeased with Forbes’s valuation of his worth, Kanye, according to the People, texted Forbes, “It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”

With his current net worth of $6.6 billion, West has surpassed Oprah Winfrey’s $3.5 billion net worth, David Steward’s $3.9 billion net worth, and Robert F. Smith’s $6.5 billion, according to Celebrity Net Worth.

Also, West’s current net worth makes him the third richest celebrity in the world, behind only Steven Spielberg ($7 billion) and George Lucas ($10 billion), according to Celebrity Net Worth.

Recently, West revealed his plan to build a ‘city of the future’ on an island in Haiti.

Touching on the subject during an interview on the Joe Rogan Experience podcast in October, the 43-year-old explained how the project would benefit locals on the island.

“We go to Haiti and the president gives us this island to develop; to make it a city of the future,” West said. “We’re gonna have the farmers and the people that live there take ownership of the land they have right now so when it raises in value, they all eat.”

West’s announcement of the partnership with Haitian president Jovenel Moïse and his government, however, did not sit down well with some people on social media, prompting him to clarify the details of the agreement on his Twitter page on October 27, GQ reported.

“Just to be CLEAR: WE ARE IN ENGAGED WITH HAITI’s GOVERNMENT to make a transformational INVESTMENT to bring JOBS, DEVELOPMENT, HELP SUPPORT LOCAL FARMERS and FISHERMEN and Build a new « CITY OF THE FUTURE » in a very beautiful country,” he tweeted.

Art pieces created by Kanye West when he was a high school student have been bought by entrepreneur Vinoda Basnayake, Page Six reported. Basnayake reportedly bought West’s drawings after seeing the pieces on an episode of PBS’s “Antiques Roadshow.”

“Kanye’s cousin owned the trove, which was created by Kanye during his days as a student at Polaris School [in Chicago],” Page Six quoted a source as saying. The source did not reveal how much the paintings cost but the collections originally appraised on the PBS show were valued at between 16,000 and $23,000.

The drawings, reportedly first created in 1995 when West was 17 years old, include works he did in graphite, gouache on board, and scratchboard. “By age 17, he’s already been studying at these extraordinary artistic institutions,” the Antiques Roadshow appraiser Laura Woolley said, according to Page Six.

Kanye West attended the Hyde Park Art Academy, Art Institute of Chicago, Nanjing University in China and the Polaris School for Individual Education. 

West’s wife Kim Kardashian, it will be recalled, posted on Instagram reminding her followers how good her husband was when it comes to artwork after some fans expressed doubt over the authenticity of a painting she claims was done by their seven-year-old daughter North. The post came with DNA emojis, insinuating that painting runs in the blood.

According to the Independent, the man who first brought West’s artwork to the Antiques Roadshow said he’s married to West’s first cousin, who received the artwork after West’s mother died in 2007. The portfolio is dated circa 1995, the year West turned 18, the report added.

Kanye West has been sued in a class-action lawsuit for unpaid wages connected to his Nebuchadnezzar Live opera. The failed presidential aspirant was sued by a group of workers who helped with his live musical production called the Hollywood Bowl.

The rapper, who is believed to be a billionaire, is accused of owing “unpaid wages” and failing to pay minimum wage and overtime when he hosted the Hollywood Bowl in 2019. He premiered the opera in December last year, after releasing his debut gospel album, ‘Jesus Is King’.

Legal documents obtained by Complex said the plaintiffs, including background actors and hairstylists, alleged they were not properly compensated for their production work. A hairstylist revealed that she was supposed to be paid $550 for two days of work but received $530 after four months and was charged $20 for a wire fee in violation of California‘s labor code.

The lawsuit also states that organizers “failed to properly compensate the hair assistant and many dozens of other persons who performed services on the production, including the background actors performing as audience members”.

“The defendants oversaw, controlled and ran the production, and the aggrieved employees worked many hours on the production and were not timely paid for their work, or paid at all,” the suit read.

“In addition, Defendants misclassified Plaintiffs and Aggrieved Employees as independent contractors as no deductions were made for payroll taxes.”

The suit was reportedly filed in July and the plaintiffs have been seeking “unpaid wages, continuing wages, damages, civil penalties, statutory penalties, and attorneys’ fees and costs.” Live Nation, the company behind the production, has also been listed as a defendant.

West, known for controversies, has been mooting several propositions apart from his recent presidential run. Recently, he revealed his plan to build a ‘city of the future’ on an island in Haiti.

Touching on the subject during an interview on the Joe Rogan Experience podcast in October, the 43-year-old explained how the project would benefit locals on the island.

“We go to Haiti and the president gives us this island to develop; to make it a city of the future,” Kanye said. “We’re gonna have the farmers and the people that live there take ownership of the land they have right now so when it raises in value, they all eat.”

West’s announcement of the partnership with Haitian president Jovenel Moïse and his government, however, did not sit down well with some people on social media, prompting him to clarify the details of the agreement on his Twitter page on October 27, GQ reports.

“Just to be CLEAR: WE ARE IN ENGAGED WITH HAITI’s GOVERNMENT to make a transformational INVESTMENT to bring JOBS, DEVELOPMENT, HELP SUPPORT LOCAL FARMERS and FISHERMEN and Build a new « CITY OF THE FUTURE » in a very beautiful country,” he tweeted

Kanye West temporarily shelved his ambition of becoming the president of the United States after he conceded defeat in the historic 2020 elections that is being keenly contested by Donald Trump and Joe Biden.

But though the controversial rapper and fashion designer has come to terms with the fact that he won’t occupy the White House for the next four years, it seems he’s open to giving it another go as he expressed his desire to contest again in 2024.

Taking to his Twitter on Tuesday, Kanye shared a photo of him with an electoral map background with the caption: “WELP KANYE 2024.” That was preceded by an earlier Tweet the same day where the 43-year-old announced he was going to vote for the president of the United States for the first, and for himself.

“God is so good,” he posted. “Today I am voting for the first time in my life for the President of the United States, and it’s for someone I truly trust…me.”

He also shared videos of his ballot process, including filling out his name as well as that of his pick for vice president Michelle Tidball on the sheet before submitting it.

Though West’s July announcement of his short-lived presidential bid and his subsequent campaign raised eyebrows and was marred with drama, the Jesus Walks rapper still appeared on ballots in 12 states and managed to secure over 50,000 votes, preliminary tallies by the Associated Press revealed, according to New York Post.

Per the preliminary tallies, the rapper got almost 6,000 votes in Colorado and secured over 1,200 votes in Vermont. He also got almost 4,000 and 2,309 votes in Arkansas and Idaho respectively. He secured 3,179 votes in Iowa while he got 6,259 votes in Kentucky. He also got votes in Louisiana (4,837), Minnesota (6,796), Mississippi (3,009), Oklahoma (5,587), Tennessee (10,188), as well as Utah (4,053)