Kanye West appears to be following through with his plans to compensate Beanie Siegel for one of his nicknames. Over the weekend, as the Philly rapper made an appearance at a hometown club, he revealed that Ye reached out to him and promised to give him a large lump sum of money as well as part ownership of the Yeezy brand.
“I got a call from the motherfucker the other day, Kanye West, he said ‘Sig I owe you $50M and 5% stock in Yeezy,’” Beanie told the crowd, adding that the Adidas brand made $1.7 billion in sales last year.
The “Feel It in the Air” emcee, Ye revealed, was responsible for coining the nickname Yeezy. During his explosive “Drink Champs” interview, he publicly praised him for the gesture, noting that Beanie “embraced” him early on in his career.
“People who took a liking to me in volatile situations would always give me a nickname, so it seemed like I was cool like them,” Ye told N.O.R.E. and DJ EFN. “[Yeezy] was Beanie’s name for me when I was at Baseline. On some like ‘That’s Yeezy’ … make him one of us. He let me wear his State Property chain. He really just embraced me.” The Chi-town star added that he planned to reimburse him for coming up with the nickname, which now doubles as the name for his merchandise.
“I still owe Beanie money, and I been trying to give him this money for a minute,” the Donda lyricist said. ”I been trying to give it to him … this man made up the name. It’s like, you know, the lady who made the Nike Swoosh. Phil Knight went back and made sure she was straight.”