Kim Kardashian asks for divorce from Kanye West
Kim Kardashian has filed for divorce from Kanye West after 6 1/2 years of marriage. The coming end of ‘Kimye’ brings a close one to one of the most famous unions. (February 19)
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The claim: Kanye West’s net worth of $ 6.6 billion makes him the richest black person in American history
Kanye West is a rapper, fashion designer and prospective US presidential candidate. Recent reports indicate that he is the richest black person in American history.
The allegation stems from a Bloomberg report citing a private banking document that reviewed it and appreciates West’s partnership with Adidas and Gap for Yeezy’s sneakers and clothing between $ 3.2 billion and $ 4.7 billion. That, combined with more than $ 1.7 billion in other assets – cash, investments and West’s music catalog – amounts to about $ 6.6 billion, Bloomberg reports. And the number has generated buzz about West’s value on the internet.
On Facebook, a viral report stated that “Kanye West is now the richest black man in American history.” The account that filed the claim did not respond to a request for comment.
But Forbes, known for its wealthy, calls the valuation on the grounds that the document Bloomberg cited is based on ‘theoretical future expectations’ about the revenue that West’s deal with Gap will generate.
Forbes also ran the $ 6.6 billion estimate before retracting the story. The publication estimates that West is worth about $ 1.8 billion.
Vista F., founder Robert F. Smith, is, according to Forbes, the richest black American.
Representatives from West did not respond to a request for comment.
Kanye’s portfolio
Even without taking future revenue into account, Forbes and Bloomberg’s reporting sees West as a billionaire.
Bloomberg reported that West owns $ 122 million in cash and inventory, a $ 110.5 million music catalog and $ 1.7 billion ‘other assets’, which includes an investment in Kim Kardashian’s underwear label, citing an unaudited balance sheet of the Western finances provided by his lawyer. ‘
Forbes ranked West last year as the second highest paid celebrity and estimates its net worth at $ 1.8 billion. The biggest part of West’s portfolio – about $ 1.5 billion – is its shoe deal with Adidas for the Yeezy brand, very popular sneakers that can sell thousands of dollars in secondary markets. West owns the brand, but Adidas pays him an annual royalty.
In 2020, according to Forbes, he was the second largest earner behind Kylie Jenner.
Gap deal
In the summer of 2020, West signed a ten-year deal with Gap Inc. Mall. signed for the Yeezy Gap brand, according to The New York Times. The deal includes an option to renew in the fifth year, according to the Times, whereby Gap hopes the brand will sell $ 1 billion a year.
The brand is expected to launch only in 2021, so it has not yet generated revenue.
The March 17 Bloomberg report quotes a private document from UBS Group AG that estimates the price of sneakers and clothing at $ 3.2 billion to $ 4.7 billion, with the Gap partnership around $ 970 million.
Forbes wrote that he reviewed the same document and that he made a number of assumptions based on the projected future earnings. ‘
“Banking documents like these are known for outlining the best possible scenario-future valuations,” according to Forbes. It says its approach “is based on the old-fashioned idea of current income – not theoretical future expectations.”
Our rating: Missing context
The claim that Kanye West is worth $ 6.6 billion, making him the richest black person in American history, MIS CONTEXT. Bloomberg based the value of West’s assets on a private banking document that Forbes said projected future earnings rather than its current value. Forbes regards Robert Smith, the founder of Veritas, as the richest black person in America.
Our sources for fact checking:
- Bloomberg, March 17, “Gap has billion-dollar ambitions for Yeezy deal with Kanye West”
- CBS News, March 19, “Kanye West is the richest black American, bank findings”
- Forbes, March 18, DAILY LID | March 18, 2021.11: 27 hours EST | 118 437 views “No, Kanye West is not the richest black person in America – and that’s why”
- The New York Times, June 26, 2020, “Kanye West and Gap Strike 10-Year Deal for ‘Yeezy Gap’ Apparel Line ‘”
- Forbs, March 18, “Kanye West may now be the richest black person in American history, thanks to Yeezy”
- Vista Equity Partners, March 19, Robert F. Smith’s Biography
- Forbes, visit on March 19, Kanye West profile
- Forbes, visit on March 19, 2020 “The world’s highest paid celebrities”
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Our fact-checking work is supported in part by a grant from Facebook.