As recently as last week, Kanye West was a full-blown billionaire and one of the wealthiest entertainment figures on the planet.
These days, after one of the most epic meltdowns in recent memory, the rapper and fashion mogul might soon find himself on the verge of bankruptcy.
As you’ve no doubt heard by now, West has been spewing anti-semitic hate speech for weeks now, and thankfully, he’s beginning to experience some consequences.
Several brands have cut ties with Kanye, most notably Adidas.
The German athletic wear brand was the manufacturer of West’s wildly popular Yeezy sneakers, but has now completely cut ties with the volatile designer.
The decision was a result not only of West’s anti-semitism, but also a bizarre video in which the rapper forced an Adidas exec to watch a clip of a pornographic video.
According to a new report from Page Six, the Adidas deal accounted for the majority of West’s wealth, and the company’s escape clause allows them to halt payments immediately.
Kanye also lost deals with the Gap and Balenciaga, meaning that the only revenue streams still available to him pertain to his music.
And those are drying up fast.
West was supposed to perform at SoFi Stadium in Los Angeles on November 4, but the venue has canceled that show.
And at this point, it’s tough to imagine that any arena in the country would run the risk of hosting Kanye.
Obviously, West still pulls in some money from the large catalog of music he released before the scandal, but in the age of streaming, that annual income is not as impressive as you might expect.
One industry insider estimates that West pulls in about $5 million a year in royalties, which is not all that much, given the size of his expenses.
“That’s about enough to pay his gas bill for his jet,” laughed the source.
The insider added that West “a lot of cash by anyone’s standards,” but he also has a “high cash burn rate” — which means he needs money now.
Kanye reportedly has a completed album ready to roll out, but his deal with distributor Def Jam came to an end in 2021, which means it’s not clear how Kanye will get his music to the masses.
In September, Billboard reported that West’s team had begun trying to sell his catalog for around $135 million, but were unable to attract any interest.
They’d likely have an even harder time drumming up a buyer now.
Still, Kanye has an estimated $100 million in the bank, and the profits from his forthcoming studio album should help him weather the storms ahead.
“He’s a many-time Grammy winner and he has such a large following that his albums go platinum instantly,” the insider noted.
Nevertheless, money became a concern for Kanye almost overnight.
The source says Kanye will be okay for “months,” but his situation will only become more dire as time goes by.
“It’s all about cash flow and if slash when he can revive it,” said the insider.
Kanye West Is “Just Months” Away From Being Broke, Insiders Claim was originally published on The Hollywood Gossip .