Kanye West is threatened with a prison sentence. The IRS claims that he owes them $50 million. This comes after the rapper lost his billionaire status. Kanye is no longer the highest-paid entertainer in the hip-hop scene. He lost a string of endorsements and collaborations after his antisemitic comments.
On Monday, November 28, Kanye shared an update about his finances. He claims that the IRS is holding his money. The Yeezy designer hasn’t paid his taxes. As a result, he could literally pay for it. Keep reading on to see what happened to Kanye’s financial situation.
Adidas collaborator loses billionaire status
The hip-hop star known as Ye lost his billionaire status last month. Adidas, Balenciaga, the Gap, and countless other fashion brands dropped him after he made antisemitic comments online and in recent interviews. Kanye West’s net worth dropped to $400 million. He lost a $1.5 billion dollar partnership.
Per Forbes, Kanye is no longer a billionaire. That accolade goes to P. Diddy, who had a feud with Kanye. On October 25, the publication revealed that the controversial reality star was dropped from the list of billionaires. Adidas finally dropped Kanye after receiving backlash from critics. The athletic brand admitted that its collaboration with the “Jesus Walks” star is “under review.”
Kanye West made an appearance on the Drink Champs podcast. During the interview, he doubled down on his string of antisemitic comments. He declared that he wasn’t afraid of Adidas dropping him. Kanye is now worth $499 million without his partnerships. He even took to Instagram to declare that he lost money as a result.
He still has a 5% stake in his ex-wife Kim Kardashian’s SKIMS shapewear brand. Fans have come for the KUWTK alum to drop Kanye from her business. She was also criticized for continuing her partnership with Balenciaga.
On Monday, Kim announced on social media that she will continue to work with them following their controversy. In an interesting twist, Kanye has denounced the brand.
Kanye West claims the IRS is holding his money
In a new interview on the Timcast IRL podcast, Kanye West opened up about his current financial situation. He spoke to a right-wing conservative who refers to himself as “Timcast,” his white nationalist co-host Nick Fuentes, and alt-right public figure Milo Yiannopoulos. Kanye claims that his “finance people” informed him that he has to pay back the IRS.
He owes them $50 million, but they have $75 million of his accounts on hold. If he doesn’t pay them back, he could face prison time. The former fashion icon admitted that he almost ended up in jail on Monday morning. However, he was available to avoid it — for now.
I’m talking about literally finding out they were trying to put me in prison this morning,” Kanye West revealed. “But I found out — okay, so they froze, they put a $75 million hold on four of my accounts.”
He admits that he’s not “the most financially literate person on the planet.” Kanye had to ask multiple CFOs of his brands to see if not paying his taxes meant tax evasion. During that same interview, Kanye walked off when he was asked about the antisemitic comments he made. He also announced that he’s running for president again after a failed campaign in 2020.
What are your thoughts on Kanye West being threatened with prison? Do you think it could happen? Do you think he was committing tax evasion? Sound off below in the comment section.