Kanye West has been trending following an earlier report from Bloomberg indicating that his net worth has jumped overnight from the earlier stated $1.3 Billion to $6.6 Billion, making him the richest American Billionaire. However, Forbes has disputed this claim, citing a supposed fundamental error.
Bloomberg’s report said that “Yeezy, West’s sneaker and apparel business with Adidas AG and Gap Inc., is valued at $3.2 billion to $4.7 billion by UBS Group AG, according to a private document reviewed by Bloomberg. The value of the new Gap tie-up, which will hit stores this summer, could be worth as much as $970 million of that total, the bank estimated.” in all Bloomberg estimated $6.6billion.
However, Forbes said the reported net worth was a false claim, adding that, “Vista Equity’s Robert F. Smith remains the richest Black person in the U.S., worth an estimated $6 billion, while Aliko Dangote of Nigeria, worth $11.8 billion, is the richest Black person in the world.” for a record tenth time.
According to Forbes, Bank documents that were relied on by Bloomberg merely project unrealistic future expectations. “Bank documents like this are well-known for painting best-possible-scenario future valuations.” the report says. In the case of Kanye’s clothing line Yeezy Gap, for instance, Forbes argued that it is yet to be launched and has no real revenue, hence the calculation of net-worth with it is problematic.
Forbes’ Madeline Berg added that, “reports that the celebrity is worth nearly $7 billion are based on the magical thinking around sales that don’t yet exist. This is why he’s currently worth less than one third of that”
Bloomberg is yet to mount a defense for their claims; however, Forbes did admit that, the Musician indeed made some gains which could push his net worth from the earlier $1.3 Billion to $1.8 Billion which is still nowhere near the $6.6 Billion projected figure.
Kanye West, the man at the center of this valuation drama has said several times that his worth has always been undervalued by these watchdogs. According to him, if good work is done, he would be above the levels they always peg him to.