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Kanye West could face a financial crisis in a few months


Kanye West could be months away from financial disaster, says Page Six.

While the rapper is being dumped by corporations and condemned by industry figures, sources say that while he has a large stash of cash, he also has huge expenses and could soon be in trouble. can’t find a way to turn the tide.

Sources close to his finances say West, 45, has five sources of income – and that four of them have been completely shut down or severely 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 deal with Adidas, his Gap deal, his catalog of music, new music sales and gigs.

Adidas – which is the real driver of his massive wealth – already said earlier this week that after ending its massive Yeezy sneaker deal with him, it would stop payments immediately.

Kanye West could face a financial crisis in a few months
Insiders say West, who lost business, has a lot of money in the bank, but also extremely high expenses.
CG pictures

And sources say it will be hard to fight the move because his threats against Jews and the incident in which he played porn to Adidas executives ‘means they can play hardball,’ according to an insider.

The source claims that Gap, which ended its two-year contract with him in September, owes him money for YEEZYxGAP products he sold between the end of the contract and Tuesday, when he announced that he took his products off the shelves. above controversy.

Kanye West could face a financial crisis in a few months
The vast majority of West’s wealth comes from his deal with Adidas for its Yeezy line.
Jonathan Leibson

As for gigs — which should be the easiest money a star like West can earn and a reliable source of quick cash — the rapper was scheduled to have a show at SoFi Stadium in Los Angeles on Nov. 4. It was canceled by the venue and there are no others booked, according to insiders, who add that venues are unlikely to book it amid the scandals.

As for new music, we’re told West has an album in the box, but there’s no deal to distribute it yet. His deal with longtime label Def Jam ended in 2021. An insider says the record will likely still provide some sort of lifeline, but is unlikely to bring in as much as previous albums.

Kanye West could face a financial crisis in a few months
Forbes estimates that West lost three-quarters of his net worth after losing his sneaker contract.
PA

“He’s a multiple Grammy winner and he has such a huge following that his albums go platinum instantly,” the source said, adding that it’s hard to believe no one would be willing to accept such a deal. not to lose.

That leaves royalties, which earn him around $5 million a year, according to Billboard. “That’s about enough to pay his gas bill for his jet,” an insider laughed.

Last month, the Music Trade reported that West’s team had tested the waters to sell its catalog for around $135 million, but didn’t seem to be attracting much interest.

Meanwhile, we’re told he has “a lot of money by anyone’s standards”, but he also has a “high money consumption rate”.

Kanye West could face a financial crisis in a few months
West, who wears a cap suggesting he will run for president in 2024, launched anti-Semitic hate.
Keith Griner/MEGA

West bought a $57 million home in Malibu, Calif., last year and gutted it. It is being rebuilt almost from scratch. We are told that the project is in serious jeopardy because of its financial problems. He also owns a slew of other homes, but we’re told many of them are mortgaged.

West, of course, has had money problems before. Let’s not forget that he revealed in 2016 that he was in personal debt of $54 million, believed to be due to his numerous attempts to launch a fashion line, as well as his free-spending style.

In summary, says an insider, West’s opulent lifestyle is based on the Adidas deal and the rest was gravy. But with the sneaker brand heading for the hills, he’s losing about three-quarters of his net worth, according to Forbes — a big hole to fill.

So sources believe that even though he has over $100 million in the bank, he probably has enough to last a few “months.”

“It’s a question of cash flow and if he cuts when he can raise it,” a source said.

A representative for West could not be reached.

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