Ye f.k.a Kanye West is losing a lot as a result of his anti-semitic rants and other harmful statements. While he has recently apologized for at least some of his comments, mainly in regards to the murder of George Floyd, he has lost many financial connections and business partnerships as a result of his actions. Page Six reports that sources close to Ye's finances are concerned that he will face financial catastrophe in a few months if he doesn't get his affairs in order.
The reports indicates that the Chicago MC burns through cash fast, which was a sustainable lifestyle when he had five main sources of income. These are reportedly his now-gutted partnerships with Adidas and the Gap through his Yeezy fashion line, his current music catalogue, sales and streams from new albums, and concert sales. All of these, sources say, have been clogged by his statements, and therefore pose a large threat to his financial stability.
When it comes to the Adidas deal, they announced the termination of their partnership last week and said it would immediately halt payments. An insider suggested that Kanye's brash actions mean that Adidas "can play hardball." His Gap partnership is also terminated, though they still owe him some money for sales made between the end of the deal and the announcement of the split.
The "Off The Grid" rapper had just one concert on the horizon, scheduled on November 4th at the SoFi Stadium in Los Angeles, but it was canceled after his outbursts. Promoters are unlikely to book him anytime soon, plus his record contract with lifelong label Def Jam ended in 2021. Sources say that Kanye does have an album in the vault, but with no plans to distribute it and an unlikely chance that it'll be the hit that his previous albums have been.
According to Billboard, the 45-year-old makes $5 million a year from music royalties, and rumors surfaced that he was selling his catalog for $175 million but didn't manifest.
Ye has faced financial trouble before, but never had it been so tied to his personal actions before. Stay tuned to HotNewHipHop to find out how his story continues.
