Multi-talented, billionaire Kanye West turns out to not be the wealthiest black man in America. Earlier it was reported to have a whopping net worth of $6-billion but later it was debunked.
Kanye is a billionaire but is not the richest black man in this case. Bloomberg News has reported he had massive income coming in and that his net worth consists of many factors. This included his well-known clothing brand Yeezy’s and a shoe deal with the two big brands Gap and Adidas. This is seen to be valued at around $3.2-4.7 billion, but this is later to be proved not true.
It was also incorrectly calculated that he has around 122 million in stock, and $110 million in music catalog, and $1.7 billion in miscellaneous investments (also an estimate by Bloomberg News.)
As of the present time, Kanye only has a net worth of $1.3 billion.
Kanye 5 years ago
Kanye has not always been financially stable, 5 years ago he was struggling to get out of a big debt of $53 million.
Kanye remained to have faith in his brand and poured around $16 million into it that also contributed to his debt. But as soon as he got Yeezy’s on the rails the storm finally came to an end and things drastically changed for the better.
Forbes says Kanye negotiated 11% with Adidas for his Yeezy shoes and in the first year, it was a humongous hit.
Back in October (5 months ago) on Twitter, West says how he thanks Jesus for his accomplishments.
“From $53 million in debt to a net worth of $5 billion in 4 years. Thank you, Jesus. I know I fall short, but I repent. I am fully in service to our Lord and Savior Jesus Christ. We are building schools of the future. Thank God for providing the increase,” West tweets. (this is an earlier tweet West is not worth $6 billion.)
From $53 million in debt to a net worth of $5 billion in 4 years. Thank you, Jesus. I know I fall short, but I repent. I am fully in service to our Lord and Savior Jesus Christ. We are building schools of the future. Thank God for providing the increase. pic.twitter.com/BwEitkOdqD
— ye (@kanyewest) October 8, 2020
Kanye may not be the richest but he joins other black billionaires, Tyler Perry, Michael B Jordan, Oprah Winfrey, and others.