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Kanye West. Photo: Taylor Hill/FilmMagic

Entertainer Kanye West's sneaker company, Yeezy, was valued around $3 billion, according to a Bank of America document from 2019 reviewed by Bloomberg.

By the numbers: West was in debt four years ago after pouring money into the brand, which he maintains as sole owner. The valuation of "future royalties generated in the footwear category is estimated from $1.75 billion to $3 billion” in 2019, per the bank’s preliminary analysis prepared last September.

Yes, but: Bank of America valued the company before the coronavirus pandemic devastated the fashion industry and the broader economy.

  • U.S. apparel, accessory and shoe sales for April are projected to fall 79% year over year, according to Forrester Research.

Go deeper

Ben Geman, author of Generate
Jul 31, 2020 - Energy & Environment

U.S. oil giants Exxon and Chevron post big losses

Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

The two largest U.S.-based multinational oil-and-gas giants both announced billions of dollars in second-quarter losses Friday in results that show the pandemic's toll on the industry.

Driving the news: ExxonMobil, citing "global oversupply and COVID-related demand impacts," reported a $1.1 billion loss, compared to $3.1 billion in profits the same period last year.

Jul 30, 2020 - Economy & Business

Facebook beats Wall Street estimates despite pandemic and boycott

Photo: Thomas Trutschel/Photothek via Getty Images

Facebook's stock was up more than 6% in after-hours trading on Thursday, after the tech giant reported strong revenue growth, despite a global ad slowdown due to the pandemic and a growing advertiser boycott.

Why it matters: Facebook's ability to beat top and bottom line revenue expectations amid the coronavirus crisis and the boycott speaks to the strength of the company's appeal to marketers despite serious challenges.

Former Sen. David Perdue to launch bid for Georgia governor

Photo: Megan Varner/Getty Images

Former Senator David Perdue (R) plans to announce a campaign against Georgia's incumbent Republican Gov. Brian Kemp Monday, according to a source familiar with Perdue's thinking.

Why it matters: Perdue's challenge to his former ally Kemp sets up an unprecedented "scorched earth" battle between Georgia Republicans fueled by former President Donald Trump, in the battleground state. The news was first reported by Politico.