Kanye West ‘in free fall’ after Yeezy business ‘falls apart’ as rapper could face financial issues amid lawsuits
KANYE West is in "free fall" with his Yeezy business halting orders and mounting lawsuits, as sources fear the former billionaire could end up with financial issues.
Kanye has made desperate attempts to bounce back after outrage over his anti-Semitic comments back in 2022.
But despite his independent Vultures album release doing well on streaming services, he is allegedly considering retiring from music.
Rapper Rich The Kid shared an alleged text from the rapper this week that read, "I am retiring from professional music. Not sure what else to do."
His Yeezy fashion business has also struggled to get back on track and is currently not taking orders.
Chaos has seemingly followed the star in recent years as he is being sued by multiple former Yeezy and Donda Academy staff members, along with his ex-personal assistant.
According to Forbes, Kanye was once worth a staggering $2 billion, but in recent years that has plummetted to $400 million.
Despite still having big bucks in the bank, sources say his spending is out of control, and mounting lawsuits could result in huge payouts.
"He may have made money in the past and from his recent album, but the way he’s going he's going to have serious financial issues in the future if he keeps going the way he is," an insider told The U.S. Sun.
"He'll likely never going to be broke, but he's going to be brought back down to Earth if he doesn't get his life together."
Kanye changes his mind all the time still and can barely finish a project.
Kanye insider
The star is known for spending months living in luxury hotels such as Soho House and the Chateau Marmont, regularly travels to exotic locations, dines in high-end restaurants, and shops for designer clothing.
"Kanye is in free fall right now and he doesn't seem to care that everything is falling apart," the source went on.
"He's fired lawyers, refuses to get on top of all of the lawsuits, and he's gone through multiple publicists in recent months.
"His Yeezy business has not been doing well after his relaunch and now the site is fully down as more people desert him.
"There were complaints about delivery time and people not getting their shirts even before he slashed all of the prices."
An announcement on his Yeezy website on July 3 warned shoppers that the site is "no longer accepting online purchases."
It 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 back in December.
The source said his Yeezy HQ in West Hollywood remains a mess after he tore the roof off, and most of his clothing was manufactured at the Los Angeles Apparel factory in Downtown Los Angeles, but now that's stalled.
He hired Los Angeles Apparel founder Dov Charney as the current CEO of Yeezy, but it is not known if he's still on board.
Kanye was seen this week at yet another large commercial building, this time on Beverly Boulevard in West Hollywood.
According to property records he does not own it, although sources say he's likely renting and planning to do construction work, despite leaving his HQ looking like an eyesore just minutes away.
"He has still been working with Gosha Rubchinskiy, the Russian designer, but Yeezy has not managed to really get off the ground," they said of his work relationships.
"Kanye changes his mind all the time still 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 staffer alleged in a lawsuit Kanye showed them intimate photos of his ex-wife Kim Kardashian.
Staffers also claimed he played pornography for them during meetings and talked about porn.
The star, who has been sued by multiple former employees, has denied all of the claims.
In October 2023, Adidas dropped the rapper as various social media sites barred him from their platforms for making anti-semitic comments online, in interviews, and with 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 a porn addiction, making the comments in an online rant that has since been deleted.
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The U.S. Sun has reached out to Kanye's wife Bianca Censori, Charney, and Kanye's reported manager John Monopoly for comment but did not hear back.
His fashion business suffered after he was dropped by major names including Balenciaga, Gap, and Adidas.
Losing his deal with Adidas in October 2022 was what lost him the most money, according to reports.
Adidas finally broke its silence and ended the relationship after facing pressure from customers.
"Adidas does not tolerate antisemitism and any other sort of hate speech," the company said in a statement.
"Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.
"After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop 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 listening parties to promote Vultures were less than half full.
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He was also slammed for not performing live at shows, instead just dancing to tracks from the album.
Many of his properties have been left to rot and will likely lose money, including his Malibu beach house, an architectural treasure he completely gutted and left with no doors and windows.