By: Alusine Rehme Wilson
Forbes, one of the leading trackers of wealth among the world’s financial elites, has declared a latest drastic decline in the wealth status of Famous American Rapper Ye who’s otherwise known as Kanye West.
The Forbes alert on Ye comes after they noted a fall out with some of his partners including Adidas and Balenciaga.
A Cable News Network midweek report on the same states that: a falling out between the rapper and his corporate partners has cost him his status as a billionaire, according to Forbes.
Although, Ye was spotted in the last few weeks has seen luxury fashion house, Adidas, Balenciaga and Gap are said to have recently parted ways with him for some antisemitic comments made and wearing a shirt with a slogan linked to the Ku Klux Klan.
According to Forbes, Ye dropped from its list of billionaires after it estimated losses on the Adidas deal accounted for $1.5 billion of his net worth, but Forbes now estimates it at a mere $400 million.
Forbes also said that the $400 million remaining of his net worth comes from real estate, cash, his music catalog and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims.
But CNN’s Business reporter Chris Isidore said they had reached out to a representative of West for comment. But says: “it’s likely that Ye still considers himself a billionaire, given that he has complained for years that Forbes was underestimating his net worth.
Referencing Forbes 2020 report on Ye that first listed him as a billionaire which was challenged by a test he has sent to the magazine saying, “It’s not a billion, it's $3.3 billion since no one at Forbes knows how to count.”
And for Forbes latest valuation, Ye is said to have also sent documents to Forbes claiming his Adidas partnership alone was worth $4.3 billion, and has claimed elsewhere that his net worth was about $7 billion.
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