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Billionaire Watch

Kanye West is not the richest black man in America – Forbes

Forbes has discredited viral reports of Kanye West being the richest black person in the United States of America.

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Kanye West

American business magazine, Forbes has shone more light on recent claims that Kanye West is now the richest black man in America following his latest Yeezy deal with Adidas and GAP.

The report was culled from a Swiss investment bank’s private document which was also reviewed by Bloomberg.

The report pegged Kanye West’s net worth at $6.6 billion following his $3.2 billion to $4.7 billion deal with Adidas AG and Gap Inc.

A $6.6 billion net worth would rightly make Kanye West the richest black American as earlier reported by reputable news outlets like CNN, Sky News and Nairametrics, but then, there is a little hitch

READ: Aliko Dangote’s net worth falls by $840 million

Forbes’ stance

Forbes released an article this morning clearing the air and shining more light on the new Kanye West networth reports. Forbes clearly disagreed with the numbers earlier reported on the following grounds.

  1. Forbes pegged West’s networth last year April at $1.3bn.
  2. Forbes believes in the Old fashion style of reporting wealth which only recognizes current revenue and not projected future earnings.
  3. The $6.6bn revenue was culled from the projected earnings from the latest Kanye West deal with Adidas AG and GAP Inc.
  4. According to Forbes the product has not even been launched nor has a single sale been made from the deal. In this case the projected earnings from the deal cannot be recognized as Kanye West’s current networth.

READ: Okeke’s Arrest by FBI: Challenges posed to Nigerian startups

Who then is the richest black American?

Forbes reinstates that the richest black American as it stands now is Vista Equity’s Robert F. Smith, a Chemical engineer and businessman who founded a private equity firm Vista Equity Partners. His net worth is valued at $6 billion.

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I Am A Business Analyst And Digital Media Enthusiast Covering Wealth And Business Leaders. Follow Me On Twitter

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Around the World

Elon Musk loses an estimated $6bn after a Tesla car accident killed two people

Elon Musk’s net worth dipped by $6 billion following a tragic Tesla car accident that killed two people.

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Elon Musk, Tesla, SEC, Stock, Twitter, COVID-19: Tesla’s Elon Musk to produce ventilators as fast-spread of disease lingers

The second richest man in the world, Elon Musk, witnessed his wealth shed an estimated $6bn after a Tesla car was involved in an accident that led to the death of two people.

Tesla stocks dropped by 3.8% after the news of the crash went mainstream. The resultant effect on Elon Musk’s wealth was a $5.71bn loss in a single day.

READ: Google threatens to remove its search engine from Australia due to media code

The Accident

Two men lost their lives on Saturday night in Houston when their 2019 Tesla model car slammed into a tree. Police authorities on sight claimed the car might have been on autopilot due to the sitting position of the corpses.

They also struggled to put out the fire from the Tesla car and even called Tesla for help. The death of the two men has sparked a heated argument between Tesla and its critics. Autopilot or not?

Although police officers’ assertion that the car may have been on autopilot remains unconfirmed, it has raised serious uncertainty about the safety of Tesla’s autopilot feature and Tesla’s critics are not backing down on this.

READ: Dealers explain why ‘Tokunbo’ Cars are expensive

Elon Musk reacts

Elon Musk has reacted to the news, insisting that the autopilot feature in the crashed vehicle was not enabled. According to him, the Wall Street Journal’s coverage of the accident was not professional.

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READ: Meet the 39 years old Chinese billionaire electric car maker 

 

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What you should know

Elon Musk is now worth $183bn following the recent drop. He closed the gap on Amazon’s Jeff Bezos to $4bn early last week. The gap has widened to $14bn today.

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Billionaire Watch

TikTok’s 38 year-old founder is worth $35.5 billion – Here’s what we know

At 38 years old, Zhang Yiming is the 39th richest man in the world.

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TikTok a video sharing app was named the most downloaded app of the first quarter of 2021 but not much is known about its founder. The app now has over 689 million active users worldwide according to statistics from oberlo.com. It has also been downloaded over 2 billion times on App Store and Google Playstore. It is arguably the most popular video-sharing app out there and the numbers keep growing.

TikTok was able to grow at a faster rate than Facebook and Instagram since its startup. The man behind this massive success is currently worth $35.5 billion and he is our person of interest today.

READ: TikTok to relocate headquarters to London following approval by UK ministers

Meet Zhang Yiming, the founder of Bytedance 

38-year-old Zhang Yiming is the CEO and Founder of ByteDance, the parent company of TikTok. Zhang Yiming majored in microelectronics and software engineering at Nankai University. He worked for various tech startups including Microsoft before settling to start his own company.

The billionaire leads a very secretive lifestyle. He founded ByteDance back in 2012 and steered it all the way to financial success. He is currently worth $35.5 billion but his net worth is well on its way to doubling based on recent valuations.

ByteDance has two main flagship products – Toutiao, an AI-backed news aggregator and TikTok which he founded later after the success of Toutiao.

READ: US government to ban WeChat and TikTok from app stores

Revisiting the success of  TikTok 

Last year Zhang Yiming’s ByteDance was regarded as the most valuable startup in the world. TikTok became the most downloaded iOS app worldwide in the first quarter of 2019, according to the US research app Sensor Tower.

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TikTok is available in 155 countries and in 75 languages.

READ: Folorunsho Alakija’s net worth drops below $1bn. A few things to know about her

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Impressive valuation 

Bytedance’s first major valuation was in 2018 where it was valued at $75bn according to Forbes. This was followed by another valuation which put it at $140bn according to CB Insights.

The latest 2021 valuation places ByteDance at over $250bn according to the South China morning post.

Zhang Yiming owns a quarter of ByteDance and with this recent valuation, his net worth is set to grow to $60bn according to experts in the field.

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READ: China will not accept any Microsoft-TikTok deal

Donald Trump scare 

The former president of the United States was on the verge of banning TikTok in the country. He claimed the App has ties to the Chinese government. This would have been a setback giving that the application is quite popular among US millennials and Gen Z. Donald Trump lost his re-election bid and very little has been said by the Biden administration on the issue.

What you should know 

  • At 38 years old, Zhang Yiming is the 39th richest man in the world. His parents were civil servants.
  • The popularity of TikTok in the United States has raised concerns from US regulators.

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