Kanye West’s wedding didn’t see power couple Beyonce and Jay-Z attend because it’s believed the rapper owed Jay a whopping $5 million that Kanye had yet to repay him.
It was strange to find out back in May that Jay and Bey weren’t at Kanye and Kim Kardashian’s wedding — simply for the fact that the trio have been the best of friends for over a decade. Way before Kim came into the picture.
So everybody just assumed that Jay and Bey not being there was because they couldn’t stand Kim and her reality show family, so they opted out of the wedding.
But that may not be the case after all.
New reports reveal how Kanye took a loan from Jay-Z. It was believed to be somewhere around $5 million and it’s also unclear what the money was actually needed for. Perhaps for his business development in fashion that was critically bashed and failed to make any revenue.
The loan was taken out a while ago, a source adds.
“A while ago” could mean that it was back in 2012 when Kanye was debuting new item from his clothing line. The same clothing line that nobody saw any interest in. Fashion critics described the clothes as tacky and far from creative.
Nevertheless, we can assume Jay-Z’s $5 million went into Kanye’s efforts to expand his brand, before realising he had made absolutely no profit from the line.
“That loan I talked about early last week or the week before that had not been paid back and was causing big issues between two A list rap heavyweights was settled really quietly late last week,” the source says.
“They even did a nice little press release about how what was once all the A lister’s stuff is now jointly owned with the A+ lister. So, the debt is cleared but our A lister is still going broke in a hurry. Apparently he spent $5M on his passion project with his assistant and lost every single penny of it. In one year.”
Kanye has been very vocal on how his previous attempts at launching a fashion empire commercially flopped. He’s also admitted in previous interviews that he has lost lots of money in trying to make it work, but stating he didn’t have the right connections at the time.
Fortunately, the money has been paid back by Kanye West, so one could assume that everything is cool between the formerly known best friends.
Here’s another interesting fact.
With Kanye’s ‘Yeezus’ tour only having grossed $45 million at this point, the ‘Good Life’ rapper seriously needs to make some adjustments in his spendings, for as we look at Jay-Z and how he and wife, Beyonce, grossed $90 million in just two months into their ‘On the Run’ tour, there’s an understanding why Jay can live such a lavish life.
The loan of $5 million isn’t much money for someone like Jay, but when you’re waiting to hear back from your pal to make that transaction and that person continues to delay the process of doing so, you start to question how reliable that person is.