Rumor has it, the controversial rapper is only months away from financial ruin and needs to work out his issues as soon as possible before he could go completely broke.
AceShowbiz –Kanye West is allegedly facing “financial catastrophe.” According to sources who told Page Six on Sunday, October 30, the 45-year-old rapper could face ruin if he can’t work out a way to stop brands cutting ties with him in the wake of his anti-Semitic outbursts.
The estimated $5 million a year he receives in royalties is merely “about enough to pay his gas bill for his jet,” an insider claims. Even though Kanye has “a lot of cash by anyone’s standards,” he also has a “high cash burn rate,” one source adds.
Page Six quoted insiders saying even though the dad-of-four has more than $100 million in the bank, due to his lifestyle it could be used up in a matter of “months.” One said, “It’s all about cash flow and if slash when he can revive it.”
Kanye’s team were last month said to have tested the waters for selling his music catalogue for around $135 million, but apparently did not get strong interest. Adidas is halting payments to Kanye while Gap ended its two-year-old deal with him in September.
The rapper was due to have a show at SoFi Stadium in Los Angeles on November 4 but it has been cancelled by the venue and Page Six said insiders say he has “no others booked” and it is “unlikely venues will book him amid the scandals.”
The outlet added, “We’re told West has an album in the can, but there’s no deal to distribute it at this time.” Kanye’s deal with the Def Jam label ended in 2021 and his recent spending has included buying a $57 million mansion in Malibu, California, which is in the process of being gutted and rebuilt.
He announced in 2016 he was $54 million in debt, which was linked to his attempts to launch a fashion line and lavish lifestyle.
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