Kanye West might soon face a financial catastrophe
3 min read
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Several media outlets have predicted that if Kanye West does not get his act together soon he will potentially face financial struggles within the upcoming few months.
Here is everything you need to know.
Kanye West loses his deal with Adidas and Gap
Kanye West reportedly has five main sources of income- his Adidas deal, partnership with Gap, music catalog, selling new music, and concerts.
However, four of the sources have either completely shut down or severely compromised the Donda rapper.
Besides that, Gap owes West some money for the YEEZYxGAP merchandise following the termination of their deal.
Kanye West is no longer a billionaire after Adidas cut ties with him, Forbes reports.
— Pop Base (@PopBase) October 25, 2022
His loss of Adidas has caused his net worth to plummet to $400 million and he is no longer on the Forbes billionaire list. pic.twitter.com/8SzyQqJVjC
Moreover, West, who now goes by the name Ye, was originally slated to perform at SoFi Stadium in Los Angeles on 4th November. But the venue reportedly canceled his performance. Thus, the 45-year-old singer does not have any more shows or concerts lined up as of now.
Meanwhile, an insider claimed that if West drops a new music or new album he is, ‘unlikely to net anything like as much as he has for previous albums.’
They added, ‘He’s a many-time Grammy winner and he has such a large following that his albums go platinum instantly.’
Other companies who have publicly cut ties with Kanye West
TJX Companies released a statement on Wednesday announcing that they will no longer sell Kanye West’s apparel.
A representative spoke on behalf of the firm while talking with CBS News.
They said, ‘At TJX we do not tolerate discrimination, harassment, or hate of any kind. We have instructed our buying teams not to purchase this merchandise for sale in any of our stores globally.’
Furthermore, Balenciaga, who was teaming up with West, wrote in an announcement that it, ‘has no longer any relationship nor any plans for future projects related to this artist.’
If you didn’t know, West is facing the repercussions of his controversial behavior over the past few months.
Fans started a gofundme to make Kanye West a billionaire again. pic.twitter.com/m8XOzsQgWR
— SAY CHEESE! 👄🧀 (@SaycheeseDGTL) October 30, 2022
Subsequently, multiple brands and organizations dropped their partnership with West following his problematic actions.
The father of four wore a ‘White Lives Matter’ last month. He went on to share antisemitic messages on social media which led to him being banned on Instagram and Twitter.
He wrote a threat in one of his tweets claiming that he would go, ‘death [sic] con 3’ on the Jewish community.
Several celebrities such as Gigi Hadid, Kendall Jenner, and Hailey Bieber among others have called out West for his remarks.
