Kanye West admitted to being worth ‘hundreds of millions of dollars’ despite claiming in September to be worth $5 billion after signing a 10-year deal with Gap.
West’s admission came in financial disclosure forms filed as part of his quixotic 2020 presidential bid.
The rapper and footwear designer values three of his companies at $50 million each and says his partnerships with Adidas and Nike are worth a combined $30 to $75 million, Business Insider reported Monday.
However, he also disclosed he has up to $100 million of debt, mostly from mortgages.
Kanye West, who claimed in September he is worth $5 billion, stated in personal financial disclosure forms for his presidential bid that he has ‘hundreds of millions’ in assets and up to $100 million of debt
His finances are set out in personal financial disclosure forms filed with the Federal Election Commission as required by all candidates for public office.
Kanye announced in July he was running for president as an Independent in a self-funded campaign.
By late summer, according to the documents obtained by Business Insider, he had spent $6.7 million that he loaned his campaign.
But he has failed to make the ballot in most US states and the District of Columbia.
Kanye has made it onto the ballot for 12 states including Kentucky, where he allegedly spent $400k to get the necessary signatures, and in Iowa, after reportedly paying $80k.
According to a report from TMZ, a source at Let the Voters Decide said Kanye has paid the petitioning group between $3.5 and $4.5 million for them to work across 15 states but with mixed results.
It was also claimed that the same thing happened in Ohio and Virginia, and he is said to have paid $325k and $300k respectively for the signatures but still didn’t make it on the ballot.
Many states require Kanye, and other potential candidates, to collected a specific number of signatures from qualified voters showing their support as well as payment of filing fees in order to be put on the ballot, the number varies state-to-state.
Kanye announced in South Carolina in July (pictured) that he was running for president as an Independent in a self-funded campaign. By late summer, according to the documents obtained by Business Insider, he had spent $6.7 million that he loaned his campaign
The recording artist lists a total of 29 corporate entities in which he serves as a trustee, director, manager, or in other position of leadership. The sectors involved include music, clothing, residential housing and construction.
Half of those entities are located in Cody, Wyoming, where he owns a sprawling ranch which is currently his home base.
The three companies he values at more than $50 million each are Yeezy LLC, Yeezy Apparel LLC, and Yeezy Footwear LLC.
He also said he had received income of $5 million over the past year from eight different entities.
West topped Forbes Magazine’s list as the highest-paid musician of 2020, as well as the highest-paid celebrity overall. West came in at $170 million, which was more than double than the next musician on the list, Elton John, who earned $81 million.
However, rapper West had a run in with the publication in April, when they named him a billionaire.
The article noted that West was left unhappy with their research and findings – stating that he believes his net worth to be around $3.3 billion, rather than the $1.26 billion they have estimated.
‘It’s not a billion,’ West allegedly texted the publication. ‘It’s $3.3 billion since no one at Forbes knows how to count.’
The Chicago native listed a total of 29 corporate entities in which he serves as a trustee, director, manager, or in other position of leadership. The sectors involved include music, clothing, residential housing and construction
Half of his corporate entities are located in Cody, Wyoming, where he owns a sprawling ranch which is currently his home base. Meanwhile, his wife Kim Kardashian and their four children primarily remain residing in Southern California
Interestingly, Kanye availed himself of what Business Insider described as ‘obscure provision in federal law’ to not disclose his spouse’s finances, which political candidates typically do.
The rapper, of course, is married to reality TV star Kim Kardashian with whom he shares four children.
The exemption can be invoked in the case of divorce, separation, and ‘unusual circumstances.’
Kanye has been declared he is the ‘Birthday party’ candidate but has failed to maintain a serious political campaign.
This has led to claims that the outspoken supporter of Donald Trump simply embarked on a publicity stunt aimed at taking votes away from Democratic presidential nominee Joe Biden.
Following a series of Twitter rants recently, Kim spoke out about Kanye’s struggles with bipolar disorder and mental health issues.
It came after he broke down in tears at a campaign rally over the summer claiming he and Kim had considered aborting their eldest child, daughter North.
Interestingly, Kanye availed himself of an ‘obscure provision in federal law’ to not disclose his spouse’s finances, which political candidates typically do. The exemption can be invoked in the case of divorce, separation, and ‘unusual circumstances’