Kanye West accused of lying about his billionaire status after he claimed he’s worth $5 billion

October 9, 2020

Kanye West took to Twitter on Thursday, October 8, to share an OK! magazine article that claims he now has a net worth of $5 billion.

He has been accused of lying about his billionaire status.

Kanye commented on it, writing: “From $53 million in debt to a net worth of $5 billion in 4 years. 

Thank you, Jesus. I know I fall short, but I repent. I am fully in service to our Lord and Savior Jesus Christ. We are building schools of the future. Thank God for providing the increase.”

However, there are claims this isn’t so. The rapper, who is contesting for the US presidency, disclosed his financial records to the Federal Election Commission, something every presidential candidate is supposed to do.

According to Business Insider, Kanye West admitted in the financial disclosure forms to being worth “hundreds of millions of dollars” despite claiming to be worth $5 billion after signing a 10-year deal with Gap.

The dad-of-four has partnerships with several huge brands, including Adidas, Louis Vuitton, and GAP. He also has his G.O.O.D. 

The rapper and footwear designer values three of his companies (Yeezy LLC., Yeezy Apparel LLC., and Yeezy Footwear LLC.) at $50 million each and says his partnerships with Adidas and Nike are worth a combined $30 to $75 million, Business Insider reported.

Kanye also listed 29 different companies under his brand — eight of them pulling in just $5 million in 2019. 

He also disclosed he has up to $100 million of debt, mostly from mortgages.

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