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Kanye West Is Now Officially A Billionaire

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When last we checked in with Kanye West, the mercurial hip-hop superstar-turned-footwear magnate, I was tiptoeing through a parking lot crop circle comprised of hundreds of pairs of his Yeezy sneakers. “I’m not a numbers guy,” he explained ten months ago. “To ask me to somehow translate this to numbers is to ask your grandmother exactly what the recipe of the cake was.”

There’s only one number that West cares about. A billion, as in dollars. And he cares a lot.
When we featured West on the cover of Forbes last summer, delving into his incredible success with Yeezy, he seemed pleased at first. His world-famous wife, Kim Kardashian-West, even tweeted her congratulations, to the positive affirmations of 32,300 of their closest Twitter friends. But without sufficient documentation on his unusual stake, versus just his word and industry guesstimates, we didn’t call him a billionaire. And that grated on him. As the year wore on, he protested publicly. (“I showed them a $890 million receipt and they still didn’t say ‘billionaire,’” he told an industry panel, about something that no one at Forbes remembers.) In private, he was more biting. (A “disrespectful article,” he texted this week, that was “purposely snubbing me.”)
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After months of requests, the hip-hop superstar shared his financial records, revealing details on his wildly popular Yeezy sneakers empire—and his own net worth.

 

JAMEL TOPPIN FOR FORBES

When our annual billionaires list appeared earlier this month, again with West absent—still no documentation, and now a pandemic to boot—West again reacted with hurt and venom. “You know what you’re doing,” he texted. “You’re toying with me and I’m not finna lye [sic] down and take it anymore in Jesus name.” At one point, he texted that Forbes was “purposely a part of a group of media” that was trying to suppress his self-made narrative because of his race. That sister-in-law Kylie Jenner did make the list also clearly stuck in his craw. 
Then yesterday, a breakthrough: West directed his team to provide what we feel is an authentic numeric look into Kanye, Inc.
Three things became clear from this exercise. First, it reinforces why we put him on the cover in the first place — West, in just a few years, has created a brand that’s challenging Nike’s Air Jordan for sneaker world supremacy. It’s one of the great retail stories of the century.
Second, it reinforced that West, who claims both in words and in this paperwork that he’s worth more than $3 billion, is as overly boastful as his political idol, President Donald Trump. Not a numbers guy? We agree.
Finally, and perhaps most critically to West, it does confirm, based on our estimates, that his stake in Yeezy indeed makes him a billionaire. A bit over $1 billion, actually.
In the process, we can now share more details about Yeezy than ever before revealed—as well as some insight into what drives this extremely creative, extremely enigmatic ten-digit artist.
Yeezy is a complicated asset. West owns 100% of it. But it’s also functionally tied, at least for five-plus years based on the documents we saw, to Adidas, which produces, markets and distributes the shoes. There’s also a separate apparel division which we don’t believe makes money. Last year, our sources projected the shoes would finish 2019 with revenue north of $1.5 billion (Adidas would not comment then, or now)—per recent conversations and internal documents we believe the final revenue number ended up closer to $1.3 billion.
Our sources told us last year that West’s agreement calls for him to receive a royalty around 15% of Yeezy revenue from Adidas. Upon closer inspection, it appears some expenses are carved out of that slice, bringing his actual cut closer to 11%. At that rate, he would have received royalties of over $140 million from Yeezy sales last year. 
West’s aggressive $3 billion self-appraisal is clearly based on the idea that the business is infinitely portable. It’s not. Taking Yeezy away from Adidas seems almost prohibitively cumbersome, if not contractually impossible. A safer way to value it: as a royalty stream, like music publishing or film residuals. Multiples, based on services like Royalty Exchange or in large private transactions, can be as low as three, for something faddish like Cardi B’s “Bodak Yellow” to 17 for an evergreen asset like the Eddie Murphy film Trading Places.
A handful of experts surveyed felt West’s interest would fetch a multiple somewhere in the middle of that range, were it ever made available to outside investors. The convenience of the Adidas setup trumps publishing catalogs, where owners must actively collect payments from a complex web of sources—or outsource that labor to someone else in exchange for an administration fee. “His place in the capital stack is a preferred place to be,” says Royalty Exchange chief Matt Smith, who pegged the multiple at between 10 and 12.
Conservatively, as we typically are with such figures, a 10x multiple, applied to West’s Yeezy cut of $140 million makes his stake worth about $1.4 billion. But that’s a private, highly-illiquid $1.4 billion — our rule-of-thumb for private assets like that is to lop off at least 10%. That’s $1.26 billion.
Shouldn’t West have also socked away hundreds of millions more, given his incredibly successful recording career and burgeoning Yeezy dividends? If you spend like a superstar, not necessarily. (The guy owns a tank.) The statement of assets supplied by his team yesterday, lists just $17 million in cash and $35 million in stocks.
The biggest assets, according to his internal team, are $81 million in “buildings and improvements” and $21 million in land. His homes are surely most or all of that. The Los Angeles mansion Kanye West shares with his wife and four children, is itself a work of art—down to the floors, made of a special Belgian plaster that, if scuffed, can only be fixed by summoning a crew from Europe. “The house was all him,” Kardashian West told me last year. “I’ve never seen anyone that pays such attention to detail.” A pair of$14 million Wyoming ranches—nearly 10,000 acres between the two of them—has been taking up more cash.
Customized real estate often sells for less than the money put in (buyers in that range tend to want their own features, versus Kanye’s Belgian plaster). If you want to start scraping, there’s $3,845,162 for “vehicles,” $297,050 for “livestocks.” More concrete, there’s $53 million in listed debt. And half of all this presumably belongs to his wife, though she’s no slouch and that math goes two ways. 
Customized real estate often sells for less than the money put in (buyers in that range tend to want their own features, versus Kanye’s Belgian plaster). If you want to start scraping, there’s $3,845,162 for “vehicles,” $297,050 for “livestocks.” Then there’s the matter of his music. Documents we reviewed show West’s G.O.O.D. label—and his own recorded music and publishing rights—to be worth at least $90 million. 
We tend to look at self-appraisals somewhat skeptically.  Aside from the music, half of all this presumably belongs to his wife, though she’s no slouch and that math goes two ways. Given the illiquidity of these myriad assets and the lack of independent backup, we’re give all of this a 50% haircut: That’s about $125 million in assets, outside of his Yeezy crown jewel. Then, there’s debt: between mortgages, advances and other liabilities, we saw about $100 million that West is on the hook for.
All told, our current net worth estimate for Kanye West: $1.3 billion, which he’ll be pleased to note is $300 million more than little sister Kylie.
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The chip on West’s shoulder dates back to his early days growing up in Chicago, where teachers sometimes scolded him for sketching sneaker designs instead of doing his schoolwork. He later produced songs for Jay-Z, but felt the elder mogul didn’t view him seriously as a solo act. Over past decade, West instigated more than his share of narcissistic episodes, including a self-appointed nickname, tour and album, Yeezus, that never seemed to treat his savior complex with much irony. (Typical song: “I Am A God.”)
When viewed through that lens, his famous affinity for President Trump makes a lot of sense. (And it continues unabated — one text to Forbes’ chief content officer this week ended with “Trump 2020” and a raised fist emoji.) As does West’s net worth lobbying — an art practiced, with gusto, for decades, by Trump.
“It’s not a billion,” West texted us last night. “It’s $3.3 billion since no one at Forbes knows how to count.”

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Video: Mojisola Oduola -Kabiyesi

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At last the long awaited video is out . KABIYESI The unquestionable God.

watch and make sure you subscribe to my YouTube channel. May God bless you as you do so.

This will surely serve as my birthday gift from my love ones.
Click on the link below

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Funny tweets, memes and videos from Twitter NG for “Happy 420”

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Today’s date, April 20, stylised as 4/20 is a day worldwide commemorated by stoners or smokers of weed to celebrate marijuana. In short, it is treated as a public holiday for weed/marijuana and termed—Happy 420.

Twitter NG i.e users of Twitter in Nigeria, as it is the yearly custom are trending “Happy 420” as the number one topic in the country. While many really used the medium to share their unwavering love for weed, others have taken it upon themselves to make funny tweets, memes, skits and share several videos in relation to weed smoking and “Happy 420” as an entity.

While some tweeps take jab at those who don’t smoke weed but indulge in the “woke” culture by wishing stoners a “Happy 420”, others in their own way intentionally misinterpret certain scriptural verses for comedic purpose in order to aid and bait their smoking habits, still others take it upon themselves to disperse various memes which for sure will bring a smile upon your face. That’s not all, though, for we have some tweeps who did brainstorm to form some of the best puns concerning weed and stoners jokes ever. Well we can say irrespective of the way they passed their message regarding “Happy 420”, they all ended on a high note. Enjoy!

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FG to extend fuel subsidy for 6 months

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The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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