The sneaker hype following the influx of celebrities and social media influencers in the footwear industry meant there was big money to be made with entrepreneurs like Kanye West profiting big time from the lucrative sneaker business.
According to the rapper and business mogul, his decade-long deal with Gap enabled Yeezy to double his net worth to $5 billion -- from just one business venture alone!
Worth $5 Billion?
Kanye has been noticeably absent from the Forbes 2020 billionaires list, despite claiming to be worth a cool $3 billion at the start of the year and has been extremely vocal and understandably disgruntled about the exclusion.
The rapper went on to accuse the publication of racism against him, claiming to have been intentionally snubbed due to the color of his skin and because he made his fortune in a non-traditional fashion. According to Forbes however, Kanye’s net worth as of April 2020 was officially calculated at just $1.3 billion.
Following the announcement of his presidential campaign, Kanye became extremely active on social media platforms to share his views on a wide array of topics ranging from racism to politics, religion, fashion, and unsurprisingly, his “enormous” wealth. In one of his latest in a series of bizarre tweets, Kanye expressed the desire to hire a Christian CFO to handle his $5-billion fortune.
While Kanye is best known for his creative genius inside the music studio, the majority of his wealth does indeed come from his Yeezy brand. His partnership with Gap resulted in the company’s stock going up by almost 50% and its market valuation increasing by more than $1 billion.
On Nick Cannon’s podcast Cannon’s Class, the duo discussed Kanye’s partnership with Gap and its financial details where Kanye divulged that the deal almost doubled his net worth from $3 billion to $5 billion.
Since his announcement on July 4 regarding his 2020 presidential campaign, Kanye qualified to appear on the election ballot paper as an independent candidate in 12 states including Oklahoma, Vermont, Arkansas, Louisiana, Utah, Mississippi, Iowa, Tennessee, Colorado, Kentucky, Minnesota, and Idaho, however, his campaign didn't prove to be successful and it's difficult to say whether he'll try again in the next elections.
Most notably, however, the rapper was disqualified in the states of Wisconsin and West Virginia due to a lack of signatures in West Virginia and submission of documents after the deadline had expired.