As Kanye West’s business partners back away, rapper buys right-wing social media platform for $11M
Kanye West is taking an unconventional route to raise money: by selling his stake in social media website Gab.com.
The site, which bills itself as a place where “anyone, regardless of political or social views” can congregate online, has become a place of interest for prominent figures on the right, in addition to artists, celebrities and public figures in the “alt-right.”
West, who gained notoriety during his 2010 “Lost in Translation” tour for not understanding English and his 2013 “My Touch” hit single about President Barack Obama’s race, is a regular in the site, which has hundreds of thousands of members.
When asked about taking Gab, he told CNBC: “I really don’t think about it. When I have time I’ll probably go to Gab.
“I’m not really involved in the business. I’m a business man, I’m out in the world. My focus is just on being a creative entrepreneur,” said West.
The deal for West to sell his Gab stake was negotiated by his business partner Jim Margolis, according to The Hollywood Reporter. Their plan worked out, with West owning less than a quarter of the company.
West reportedly netted $11 million from the sale, or about 6.3 percent of the company’s value.
A spokesperson for West has not yet responded to CNBC’s request for comment.
A spokesperson for Margolis did not immediately respond to CNBC’s request for comment.
The Washington Post reported earlier this week that West is moving on after a string of missteps.
During his presidency, West was criticized by the left for his social media attacks and his support for President Donald Trump.
His latest controversy comes amid a firestorm over alleged racism, sexism and homophobia within the left’s base.
Gab, the self-described “free speech” social network, has become a place of interest for prominent figures on the right, in addition to artists, celebrities and public figures in the “alt-right.”
At the center of the controversy is its founder Andrew Torba, who said he is “not a white supremacist” but “isn’t racist