African-American entrepreneur and multi-industry creative Kanye West, who lost his position among the world’s Black billionaires in October 2022, continues to hold a prominent place among the wealthiest black individuals globally, thanks to his diverse investment portfolio.
According to Forbes, West’s fortune now stands at $400 million, and there are indications that his wealth may grow further. This is due to his five-percent stake in his ex-wife Kim Kardashian West’s shapewear brand Skims, which is now estimated to be worth an impressive $200 million.
Skims, the body-positive shapewear company co-founded by Kim Kardashian and Emma Grede, recently achieved a significant milestone. Its valuation surged to unprecedented heights following a successful new funding round that raised $270 million.
Led by Wellington Management, with participation from existing investors like Imaginary Ventures, Thrive Capital, and NEA, the $270-million capital injection has catapulted Skims’ valuation by a staggering $800 million, from $3.2 billion to $4 billion.
This latest surge in Skims’ valuation has resulted in substantial gains for Kim Kardashian, Emma Grede, and West.
West’s minority five-percent stake in the company is now worth $200 million, a $40-million increase from its value of $160 million at the start of the year.
When considering his broad assets, including his real estate holdings, cash, music catalog, and stake in Skims, West undoubtedly ranks among the world’s wealthiest black individuals with a total of $400 million.
West’s financial success isn’t without challenges. In October 2022, he lost his position as one of the world’s Black billionaires after Adidas decided to cut ties with his Yeezy brand due to a series of anti-Semitic comments that conflicted with the company’s values of diversity, inclusion, and equality.
He is involved in a fierce legal battle with German sportswear giant Adidas over a disputed $75 million in mishandled marketing funds. Presently, the dispute remains ongoing via arbitration and could potentially impact West’s financial situation in the future.
Adidas alleges that the $75 million was intended to be kept separate and used solely for authorized purposes. Instead, both Yeezy and West reportedly “mishandled virtually all the marketing funds.” According to the signed contract between Adidas and Yeezy, any misuse of the funds would require repayment to Adidas.
