Kanye West, the famous rapper and fashion designer, has lost his billionaire status after making a wrong move that led to financial ruin.
Kanye West ( Photo: CNN )
Kanye West had been a billionaire, primarily due to his fashion deal with Adidas
However, after the deal ended on a bad note, his wealth started to decline. Forbes now reports that Kanye’s net worth has dropped from $2 billion to $400 million, resulting in him losing his billionaire status.
Kanye’s controversial comments were initially thought to have little impact on his partnership with Adidas. However, the negative publicity eventually caused Adidas to end its collaboration, causing financial losses for both the company and the celebrity. Kanye’s expensive lifestyle and lack of work opportunities have also contributed to his financial troubles.
In addition, Kanye’s earnings from his latest album release, “Donda 2,” were reportedly nonexistent. His former employees have filed multiple lawsuits against him for non-payment of professional fees, seeking compensation.
He has been ordered by a court to pay $200k in child maintenance for his four children from his marriage with Kim Kardashian
Despite his troubles, Kanye West has been widely appreciated for making it big in the entertainment industry, rising from humble beginnings. However, the loss of his billionaire status is a significant setback for the rapper and designer.
Forbes has reported that almost half of the planet’s billionaires are poorer than they were last year, including Crypto King Sam Bankman-Fried and Carvana’s Ernest Garcia III. Kanye’s name has now joined this list of people who have lost significant amounts of wealth in the past year.
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