Connect with us

News

Despite Recent News, Kanye West Is Nowhere Near Being a Billionaire

Megan Turnbull

Published

on

Kanye West is Not A Billionaire

The news of Kanye West becoming a billionaire has been making the rounds in the last 48 hours.

The source of this rumor can be traced back to earlier this week on Jimmy Kimmel Live when Kanye’s Wife, Kim Kardashian was asked to talk about her wealth. She gave Jimmy and the world a coy answer:

“I would say my husband is, so that makes me one, right? Close by proximity.”

These are the few words that have driven hundreds of websites into putting up articles with titles such as; “Kanye West is now a Billionaire”, or “Kanye West could soon achieve Billionaire Status”. While providing completely no evidence to back up this claim.

A few of the reliable websites among them, however, made reference to a news report on TheBlast.com to support their stories.

 

Why do people think Kanye is worth a billion dollars?

According to TheBlast, Kanye’s fashion brand, Yeezy recently received a valuation of around $1.5 billion which they claim is from a “source” and that automatically makes him a billionaire.

While there is no doubt about it that Kanye has been very successful in his music career and with his fashion brand, Yeezy; if his collaboration with Adidas is the same as every other brand-celebrity partnerships, then we may not consider Kanye as the actual OWNER of Yeezy.

In a situation where the deal falls apart, the sports brand may let him purchase the Yeezy brand from them. Which would cost him a lot of money.

A typical example is the current scenario between Roger Federer and Nike on the rights to the RF brand.

The fact remains that the major player in the Yeezy brand is Adidas and Kanye West is only being given royalties. This is even the major reason why he split with Nike in 2013 as they weren’t paying him royalties.

But when Adidas came calling, with a huge deal which included being paid royalties, his response was positive.

 

This is an example of an article jumping onto the fake headline this week

 

Let’s take a look at another celebrity; Michael Jordan…

Nike is the actual owner of the Jordan brand and not Michael. Michael is being paid royalties depending on profits and sales achievements.

According to reports, Michael Jordan earns around $80 – $90 million annually from the Jordan brand royalties.

As recent as May 2018 when CNBC conducted an interview with the CEO of Adidas, Kasper Rørsted, he told the interviewer, Sara Eisen, that:

“There is no doubt the Yeezy brand has a fundamental impact on our overall brand position, but in the bigger context of us being a $25 billion company, it’s a small part of our company.”

We hope you didn’t miss the part where he said: “it’s a small part of our company.” What we are just trying to point out in this article is Kanye West becoming a billionaire needs an evidence that is more substantial than the words of Kim Kardashian on the Jimmy Kimmel show.

The claim is unacceptable until a reliable news media such as the Wall Street Journal finds about more about the sales, revenue, royalties and the partnership terms between Adidas and Kanye West. Until then, we hold firm that he is not a billionaire.

 

How much is Kanye West worth?

As of the present moment in time, we estimated Kanye West’s net worth to be $160 million dollars. Let’s not get ahead of ourselves just because of one news story claiming him to be worth over a billion dollars.

Megan Turnbull is a political entrepreneur, commentator, and writer. She uses her wealth of experience to provide audiences with vantage views of both the political and non-political world, dishing out shrewd, tried and true information and guidance for a better business and a better world.

1 Comment

1 Comment

  1. Camily

    Aug 4, 2018 at 3:35 am

    Thanks for making things clear. I’m also surprised at ho everyone is saying he is billionaire. Even Telegraph? That Kanye guy must even be in debt. Lol

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Elon Musk Abandons His Plans to Take Tesla Private

Megan Turnbull

Published

on

Elon Musk Abandons Plans to Take Tesla Private

Elon Musk seems to have made a reverse on his decision to make Tesla private. The CEO of the electric car company revealed in a recent statement that investors have persuaded him not to follow up on his plans to privatize the company.

In a statement made by the unpredictable CEO, his decision to keep the company public is based on feedback from shareholders; who said they have internal rules limiting how much they can sink into a private company.

The statement also said that the business magnate met with Tesla’s board of directors on Thursday and informed them of his new decision, with the board indicating that they agree.

 

Elon Musk’s Private Dream

In an earlier event, Musk shocked the company’s board and investors when he tweeted on Aug. 7 about his intentions to take the company private.

He said in his tweet that funding was already secured for the deal; but it was later revealed by the company that talks were still only in progress with Saudi Arabia’s Public Investment Fund.

The tweet also said that the electric company would offer shares at $420. Which as of Aug. 6 closing date was higher by 23 percent.

Assuming all the shares were bought, the said deal would be around $72 billion; though Musk later said he was expecting not more than one-third of the stakeholders to agree to the buyout.

The unexpected tweet posted by Musk on his way to the airport has triggered investigations from the federal government. The U.S. Securities and Exchange Commission are reportedly probing whether Musk was deliberately attempting to manipulate stock prices.

Musk’s statement initially sent the company’s stock price soaring but it has since fallen.

In his new statement, Musk said he talked to investors and consulted investment powerhouses Goldman Sachs, Morgan Stanley and Silver Lake to carefully examine all his options:

“Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company.”

He went on to add that his belief that Suadi Arabia’s Investment fund could provide the billions of dollars necessary to take Tesla private was “reinforced during this process.”

 

What Now For Musk And Tesla?

Elon Musk may have put an end to his idea to take Tesla private, but still has a tough road ahead to meet profitability and production projections, especially as Tesla handles investigations and lawsuits stemming from his ridiculous “funding secured” tweet.

Continue Reading

News

Amazon Just Hit $1 Trillion Dollars in Market Value

Megan Turnbull

Published

on

Amazon Just Hit $1 Trillion Dollars in Market Value

Amazon Inc. on Tuesday last week surpassed the $1 trillion market capitalization for the first time in its history.

The e-commerce giant became the second U.S.-based company ever to hit that milestone a month after Apple to hit the $1 trillion market valuation.

This happened after Amazon stock price raced to $2050.77 per share. It didn’t stay there for long though, slightly receding to $2040 later. You can do the math yourself. The current number of shares of AMZN totals about 487,741,189.

If we multiply this by the stock price, we have Amazon’s total market cap. As at Tuesday when the stock price was $2050.27, the market cap became $1,000,000, resulting from multiplying its number of shares, 487,741,189 by the stock price, $2050.27.

 

What Does This Mean For Jeff Bezos’ Net worth?

The American technology entrepreneur currently has ownership of 17% of Amazon which is about 83 million shares. Now that Jeff’s company is one of the world’s most valuable, his estimated net worth is about $170 billion.

Jeff Bezos is already the richest man in the world, with Bill Gates far behind with a net worth of $91 billion. This makes Jeff just a little shy of being twice as rich as Bill Gates.

This is incredible! Especially when you consider that just about seven months ago, Jeff Bezos was estimated to have a net worth of $100 billion. In fact, about 3 years, in July 2015, his net worth was “only” $50 billion.

However, a $170 billion net worth doesn’t really change Jeff’s rankings in the list of the richest people of all time. Right now, he holds the 12th position in that list and would need around $9 billion to move above Alan Rufus who is in 11th position.

He would also need an additional $10 billion to go above Henry Ford and move into the top 10 list of the richest human beings of all time.

You should also remember that in 2018 alone, Amazon’s market capitalization has moved around $500 billion. Every single billion dollar movement adds $170 to the net worth of Jeff Bezos. If over the next 9 months, the market turns in Amazon’s favor and it increases by another $500 billion,

Jeff could be having a net worth of $255 by May 2019. This will still not get him to the top of the list, but it would be an incredible number if reached.

 

Who’s Next?

There are different ways to look at this milestone achieved by Amazon. The stock market is trading at astonishingly high prices after several sequences of success that has lasted more than 10 years.

Amazon has already joined the $1 trillion club and there are several other companies looking to jump on the bandwagon. This may push the stock price higher, hurt wage growth, or widen income inequality.

What do you think about the current state of the stock market and what it could be in the next 12 months?

Continue Reading

News

Apple’s Next iPhone X Release Could Be The Biggest One Ever

Megan Turnbull

Published

on

Apple's Next Iphone X Release Could Be the Biggest One Ever

We are in that period again when rumors and news about Apple begin to pop up in every corner of the internet. Even though there has been no official confirmation yet; there is news everywhere that the next iPhone X release could be the biggest one since the start of the iPhone X series.

The $1 trillion company plans to unveil three new versions of the iPhone X soon, according to Bloomberg. The new devices will boast a wider range of prices, sizes, and features that are not present in previous versions.

Bloomberg reported that two of the new devices will be “high-end” X models. It is expected that these two iPhone X’s will feature 6.5-inch displays which will make them the largest ever.

This anticipated release can be compared with the new Samsung device; Galaxy Note 9 which has a 6.4-inch display.

If the rumors are true, then the new iPhone X’s will take the position for the largest phone screen. The new X models will also feature an all-glass back finish with stainless steel edges. There will also be an upgrade on the cameras and they will have dual cameras at the back.

 

More Expectations For Apple’s 2018 iPhone X Lineup

The cameras are not the only features getting upgrades, the inside of the phones will too. The Bloomberg report also suggested that there be an increase in the processing speed of the new models.

One feature that would be really cool, if confirmed by Apple; is the ability to run apps and other content side-by-side.

One of the three new models will also be seen as a replacement for iPhone 8. In terms of price, the said iPhone will be cheaper than the earlier described high-end versions. It will be available in a variety of colors and will possess a 6.1-inch display.

We are not sure exactly what those colors will be but the current version of the iPhone X come in Silver and Space Gray with a 5.8-inch display. However, this model will have an aluminum edge finish and not the stainless steel casing as expected in the other two.

Apple isn’t stopping there, though. Bloomberg said that all the new X models will have a Face ID feature and a gesture-based interface system. The two larger and more expensive versions could also have two SIM card slots.

 

Here Is When Apple’s Next iPhone Will Likely Launch

Apple’s annual unveiling event comes up every September. With August already over, we can expect the announcement anytime soon. If the company’s previous product unveilings are anything to go by, we should look forward to seeing the much-anticipated news in the next few weeks.

Apple recently became a $1 trillion company and has always been the expert when it comes to releasing appealing products to customers. So we can almost certainly expect some high-tech features that have never appeared anywhere else.

Continue Reading

Trending