Kanye West said the IRS put a $75 million hold on 4 of his accounts because he owes $50 million in taxes
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In a podcast Monday, Kanye West said the IRS had frozen four of his $75 million accounts.
The rapper said he owes around $50 million in back taxes.
Its value is now estimated at around $400 million, a massive drop for the former billionaire.
Ye, the rapper formerly known as Kanye West, says the Internal Revenue Service has frozen his $75 million accounts.
Ye opened up about his financial situation during a Monday night episode of the right-wing Timcast IRL podcast, which also starred white nationalist Nick Fuentes and alt-right personality Milo Yiannopoulos. Speaking to host Tim Pool, Ye said his "financiers" told him he would "have to pay a lot of taxes".
"I'm talking about literally finding out they tried to put me in jail this morning," the rapper said. "But I found out — okay, so they froze, they froze four of my accounts with $75 million."
"And then they said you owed a lot of taxes. It took me about six hours to figure out how much. A lot - it was - well, about $50 million," Ye said.
He said he's "obviously not the most financially literate person on the planet," adding that he went to the "various CFOs" who are involved with his companies to find out if not paying taxes was tax evasion.
“So now I have to — I'm actually learning how to run a business. I'm learning how to really count," Ye said of his finances. "It's like I don't even know what to do with the money."
On Monday's episode of the podcast - which Ye later left upset when Pool questioned an anti-Semitic comment he made - the rapper said he was trying to buy his own bank and wondered aloud if he could get out of jail for could run for the presidency. Ye said in November that he was running for president again in 2020 after a failed bid. He did not submit the documents for this.
At one point during the podcast, the rapper said that God is "breaking him" by "removing" all his riches, but that his kids will be fine because his "baby mom," Kim Kardashian, has money.
Ye has been a never-ending source of controversy lately, particularly after he launched several anti-Semitic rants in October. Brands including Adidas and Balenciaga severed ties with Ye amid the debacle, causing his estimated net worth to drop from $1.5 billion to $400 million.
In November, Ye claimed Adidas was suing him for $275 million of his remaining net worth. This comes after Ye announced on October 25 that he was ending their partnership. Adidas declined to comment on Yes's claims.
The IRS did not immediately respond to Insider's request for comment.
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