Kanye West at the verge of facing financial crisis
Controversial American Rapper, Kanye West is in the verge of going into financial ruins following his recent anti-Semitic theory.
According to Page Six, Kanye West could be just months away from financial ruin.
Sources claim that although the rapper has a sizable cash reserve, he also has significant costs and may run into financial difficulties soon if he doesn’t figure out a means to reverse the trend as he is being abandoned by companies and criticized by industry leaders.
Sources familiar with his finances say that West has five sources of income, and that four of them have been either completely shut down or badly compromised by his anti-Semitic outburst and support for white supremacists.
We’re told that in recent years, West has made money from his massive Adidas deal, his Gap deal, his music catalogue, selling new music and concerts.
Adidas, the company responsible for the majority of his immense wealth, previously said earlier this week that it will stop making payments to him once its massive Yeezy footwear deal with him was terminated.
And according to sources, it will be difficult to reverse that decision because of his threats against Jews and the event in which he played porn for Adidas executives, which “means they can play hardball,” an insider said.
The source says that Gap, which ended its two-year-old deal with him in September, owes him some money for the YEEZYxGAP products it sold between the end of the deal and Tuesday, when it announced on that it was pulling his goods from shelves over the controversy.
According to insiders, venues are unlikely to book West in light of the scandals. As for concerts, which should be the easiest money a star like West can make and a reliable source of fast cash, he was scheduled to perform at SoFi Stadium in Los Angeles on November 4 but that event was cancelled by the venue, he has no other shows scheduled.
In terms of new music, Pagesix revealed that West is working on an album, but there isn’t yet a distribution contract in place. His contract with Def Jam, a venerable label, expired in 2021. According to a source, the record will still likely offer some financial support, but he is unlikely to make nearly as much money as he has in the past.
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