Kanye West Isn't the Richest Black Man in the US

On March 17, Bloomberg published a story titled. Gap Has Billion-Dollar Ambitions for Yeezy Deal With Kanye West. The publisher estimated that following a sneaker and apparel business deal with Adidas AG and Gap Inc., Kanye West’s Yeezy brand is now valued between $3.2 billion to $4.7 billion by UBS Group AG. With this, the new Gap partnership's value could be worth as much as $970 million, the Swiss investment bank said.

According to the report, the partnership itself attempts the Gap group to ramp up its sales and increase its appeal with young shoppers, losing shoppers, market share, and sales.

Kanye West's Gap line is projecting to break into a possible sales figure of up to $150 million by the end of its first year in 2022.  Further projects will become a billion-dollar revenue brand in another eight years, with projected sales hitting $1 billion by 2023.

With these figures, some media outlets like Metro, Sky News, and Evening Standard ran along, declaring that Kanye West was now the richest black man in the US with a net worth of $6.6 billion.

In turn, it sent social media into a frenzy as the report was shared by many users getting thousands of retweets and likes. For example, famous American author Candace Owens’ tweet praised him for becoming the richest black man in the US, got 8k retweets, 1.7k comments, and 66k likes. Other tweets like this, this, and this also got thousands of retweets and likes.