Kanye West loves his opulent lifestyle. But the rapper/fashion designer can afford it for just a few more months. And because of Kanye’s anti-Semitic scandal, the odds that will change seem unlikely.
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Learn all the reasons why West could soon face a financial crisis. And discover what insiders revealed about his future. Get the details below.
Kanye West Could Face Financial Catastrophe In Just Months
As a result of West’s anti-Semitic comments, companies linked to Kanye have dropped him. But thus far, the rapper/fashion designer refuses to apologize. And sources told Page Six that West can’t afford his opulent lifestyle much longer.
However, the rapper does possess a significant amount of cash. But as more corporations cut their ties, West keeps draining that money with his extensive expenses. As a result, insiders warn that Kanye could face financial trouble unless he can figure out a new source of income.
In all, West enjoyed five different sources of income prior to his scandal. However, the rapper’s anti-Semitic remarks combined with his support for white supremacists either shut down or impacted those sources. For instance, Kanye previously profited from his deal with Adidas, his contract with the Gap, concerts, and new music. But the money from Adidas just ended, with the company stating that it would stop payments immediately.
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Kanye West Loses 3/4 Of His Net Worth After Adidas Drops Him
Because of West’s threats and incidents, one insider believes that Adidas “can play hardball” against any of Kanye’s attempts to win back the company. And the Gap previously ended its contract with West. The latter company even pulled his products from its shelves.
Before the scandal, Kanye could easily make money from concerts. But his upcoming show in Los Angeles in early November got cancelled. And with no more concerts scheduled, insiders feel he probably will not succeed in finding other venues. As a result of West losing an estimated 3/4 of his net worth with the end of his Adidas deal, experts see a grim financial future for the rapper.
And even creating new music may not help. For instance Kanye reportedly has finished an album. But he lacks a distribution deal. However, West does get royalties on his music. And one insider did theorize that a label could potentially sign Kanye.
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“He’s a many-time Grammy winner and he has such a large following that his albums go platinum instantly,” pointed out the source. But currently, his royalties result in $5 million a year. And “that’s about enough to pay his gas bill for his jet,” joked one insider. West’s team has attempted to sell his music catalog for $135 million. However, thus far, that attempt has failed. Because Kanye based his luxurious lifestyle on his Adidas deal, he faces a huge challenge in finding new sources of income. And despite a stash of over $100 million in the bank, insiders still doubt he can enjoy his luxuries for much longer.
Tell us what you think. Do you predict that Kanye West will find a way to turn around his finances? And after you share your views, check back on our site for more celebrity news.
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