Forbes magazine has debunked reports that Kanye West is the richest Black man in America with a business worth of nearly $7 billion.
The news came on Wednesday after the Bloomberg reported that his sneaker brand, Yeezy—as well as Yeezy Gap, which has yet to sell one stitch of clothing—have a combined value of as much as $4.7 billion with an additional $1.7 billion in assets without going into full detail.
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Forbes said this was “based on the magical thinking around sales that don’t yet exist. This is why he’s currently worth less than one third of that or $1.8 billion.”
The Bloomberg story has cited UBS report on his businesses—the same document Forbes saw earlier this month.
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Forbes further said: “The bank made a number of assumptions based on projected future earnings, particularly for Yeezy Gap, which hasn’t even launched yet. Bank documents like this are well-known for painting best-possible-scenario future valuations.”
Forbes stressed that its much more grounded number is based on that old-fashioned idea of current revenues and not theoretical future expectations.
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