KANYE West is in “free fall” with his Yeezy business suspending orders and increasing lawsuits as sources fear the former billionaire could end up in financial trouble.
Kanye made desperate attempts to bounce back after outrage over his anti-Semitic comments in 2021.
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But despite his independent Vultures album release doing well on streaming services, he is reportedly considering retiring from music.
Rapper Rich The Kid shared an alleged text from the rapper this week that read: “I’m retiring from professional music.
His Yeezy fashion business has also been struggling to get back on track and is currently not accepting orders.
Chaos has apparently followed the star in recent years as he was being sued by several former Yeezy and Donda Academy employees, along with his former personal assistant.
According to Forbes, Kanye was once worth a staggering $2 billion, but in recent years that value has dropped to $400 million.
Despite still having a lot of money in the bank, sources say his spending is out of control and that the increase in lawsuits could result in huge payouts.
“He may have made money in the past and with his recent album, but the way he is going, he will have serious financial problems in the future if he continues the way he is,” a source told The US Sun.
“He will probably never be broke, but he will be brought back to Earth if he doesn’t get his life together.”
Kanye changes his mind all the time and can barely finish a project.
Kanye Insider
The star is known for spending months living in luxury hotels like Soho House and Chateau Marmont, regularly traveling to exotic locations, dining in high-end restaurants and designer clothing stores.
“Kanye is in free fall right now and doesn’t seem to care that everything is falling apart,” the source continued.
“He has fired lawyers, refuses to handle all cases and has gone through several publicists in recent months.
“His Yeezy business has not been doing well following its relaunch and now the site is completely down as more people abandon it.
“There were complaints about delivery times and people not receiving their shirts even before he cut all the prices.”
An announcement on its Yeezy website on July 3 warned shoppers that the site “no longer accepts online purchases.”
This comes just days after Kanye priced all of his merchandise at just $20 per item, and following the closure of his Yews New platform, which launched in December.
The source said his Yeezy HQ in West Hollywood remains a mess after he ripped off the roof, and most of his clothes were made at the Los Angeles Clothing Factory in downtown Los Angeles, but that’s now at a standstill.
He hired Los Angeles Apparel founder Dov Charney as Yeezy’s current CEO, but it’s unknown if he’s still on board.
Kanye was seen this week at yet another large office building, this time on Beverly Boulevard in West Hollywood.
According to property records, he’s not the owner, though sources say he’s probably renting and planning to do construction, despite leaving his HQ looking like an eyesore just minutes away.
“He still works with Gosha Rubchinskiy, the Russian designer, but Yeezy hasn’t really taken off,” they said of their working relationship.
“Kanye changes his mind all the time and can barely finish a project.”
Kanye West’s recent controversies
Kanye West has faced a number of controversies in recent years.
In November 2022, a former Yeezy employee alleged in a lawsuit that Kanye showed them intimate photos of his ex-wife Kim Kardashian.
The employees also alleged that he showed them pornography during meetings and talked about pornography.
The star, who was sued by several former employees, denied all allegations.
In October 2023, Adidas dropped the rapper when several social media sites banned him from their platforms for making anti-Semitic comments online, in interviews and on his clothing.
Amid pleas from fans and threats of major boycotts, Adidas announced its decision to terminate his contract.
Gap and Balenciaga followed suit.
Kanye has said in the past that he suffers from pornography addiction, making the comments in an online rant that has since been deleted.
LOST BUSINESS
US Sun reached out to Kanye’s wife Bianca Censori, Charney and Kanye’s alleged manager John Monopoly for comment but did not receive a response.
His fashion business suffered after he was dropped by big names including Balenciaga, Gap and Adidas.
Losing his contract with Adidas in October 2022 was what caused him to lose the most money, according to reports.
Adidas finally broke its silence and ended the relationship after facing pressure from customers.
“Adidas does not tolerate anti-Semitism and any other type of hate speech,” the company said in a statement.
“Ye’s recent comments and actions were unacceptable, hateful and dangerous, and violate the company’s values of diversity and inclusion, mutual respect and fairness.
“After a thorough review, the company made the decision to immediately terminate the partnership with Ye, cease production of Yeezy-branded merchandise, and cease all payments to Ye and his companies. Adidas will discontinue the Adidas Yeezy business with immediate effect.”
Meanwhile, there has been little talk of touring, as many venues have banned him from performing and most of his last-minute parties to promote Vultures have been less than half full.
He was also criticized for not performing live in concert, instead just dancing to the album’s tracks.
Many of his properties have been left to rot and are likely to lose money, including his Malibu beach house, an architectural treasure that he completely destroyed and left without doors and windows.
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This story originally appeared on The-sun.com read the full story
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