American rap star Kanye West may be on the way to financial disaster as prominent brands sought to end their cooperation with him.
While Kanye does possess considerable wealth, his expenses are also quite considerable, and now the US media is being told that the rapper has lost most of his sources of income.
The rapper’s woes started after he made some rather controversial remarks this month about Jewish people, which were deemed anti-Semitic by some.
Not long afterwards, prominent fashion house Balenciaga and sportswear giant Adidas, as well as retailer Gap Inc, Vogue magazine and talent agency CAA, sought to distance themselves from Kanye amid the ensuing scandal.
With Ye now being effectively deprived of the income previously provided through his deals with Gap and Adidas, media claims that he is also unlikely to make money through concerts in the near future due to venues being reluctant to book him.
Also, the rapper reportedly has no deal to distribute his upcoming album, and while he does earn about $5 million annually from royalties, one insider told media that this is “about enough to pay his gas bill for his jet.”
With media estimating Kanye’s wealth in the bank at over $100 million, sources reportedly suggest it would last him only “months”, with one of them saying that “it’s all about cash flow and if slash when he can revive it.”