Kanye West is Making Astonishing Claims about His Wealth– Are There any Truths to Them?
It’s been an eventful year so far for controversial rapper Kanye West. After finally being recognized as a billionaire by Forbes and other publications, he seems well on his way to growing his fortune even more as he scores a lucrative deal with Gap.
In fact, he’s already announced that his wealth has already multiplied since brokering the fashion deal.
Speaking with comedian Nick Cannon in the debut episode of his podcast ‘Cannon’s Class’, West said that his net worth has now reached $5 billion. The billionaire rapper explained that he was valued by Bloomberg at $3.3 billion earlier this year and that amount almost doubled when he signed on to collaborate with Gap.
It’s worth noting that both Bloomberg and Forbes acknowledged that they received financial documents from the rapper that claims he is worth $3.3 billion. However, Forbes estimated his wealth to be around $1.3 billion.
In the same podcast, West also shared that he was ‘intentionally snuffed’ from the Forbes Billionaires list before because he didn’t acquire his wealth in a transitional way.
Neither Forbes nor Bloomberg has updated their estimates of West’s wealth yet.
Kanye’s Business Empire
While the rapper made a name for himself as a musician, his current financial success is largely thanks to his sole ownership of the Yeezy brand. Forbes estimates that the ‘POWER’ singer has a $1.26 billion stake in the fashion company.
The rest of his fortune is reportedly tied to stocks ($35 million) and real estate ($21 million). West also has $53 million in debt, which she shares with wife Kim Kardashian.
It isn’t only the rapper who appears to be benefiting from the deal though. Gap, which has been struggling in recent years, saw its stock rise by 42% when the 10-year deal was announced.
This added over $1 billion to the company’s market cap.
Dabbing into Politics
Aside from collaborating with Gap, West is also busy on his presidential run these days. He announced his bid for the coming elections on Independence Day through Twitter.
And although he has expressed support for current President Donald Trump, the rapper notably congratulated Kamala Harris, the Democratic nominee for Vice President running alongside Joe Biden.
He also shared how his late mother, Donda West, would’ve been friends with Harris if she were alive today. West ended his message by saying how it was an honor to be running against Harris.
The Vice President nominee would make history as the first female, the first black, and the first Asian-American vice president should she win during the elections on November 3.
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