Today we take a close look at Cornel West, uncovering surprising allegations that help explain why the presidential candidate, who has earned millions of dollars over the years, has hardly anything left.
Why Cornel West Is Broke
C
ornel West has been a fixture of American society for more than three decades, publishing books, teaching at Ivy League institutions, commenting on cable news, collaborating on music with Prince—even popping up in sequels to the Matrix. Ubiquity provided liquidity, with West earning an estimated $15 million or so over the last 30 years. But oddly, as he mounts an independent run for president, his net worth resembles that of a first-year adjunct professor. “I live paycheck to paycheck,” says West.
A review of federal filings and property records confirms that West’s net worth is near zero. Other outlets have previously reported on his troubles paying taxes over the years. But no one so far has explained how someone so successful became so broke. With West in position to affect who becomes America’s next president, Forbes set out to answer that question, digging into heaps of legal and tax documents filed in various jurisdictions over six decades. Turns out much of the damage was self-inflicted.
West burst onto the national scene in the 1990s with Race Matters, a compilation of essays that sold more than 500,000 copies. He traveled the country to deliver speeches, hauling in more than $500,000 a year. Much of the money flowed to him with no taxes deducted. West blew it—on many things, especially women—leaving little left for Uncle Sam by the time tax season arrived. The liens piled up: $144,000 in 1998, $105,000 in 2000, $205,000 in 2001 and so on. “Almost like a reptile biting its tail,” he says now.
West lived in a Four Seasons condo in Boston, which he later admitted he could not afford, and rode around in a Mercedes or Cadillac. One of his four ex-wives accused West of maintaining a covert apartment in Boston for $5,000 a month to use as a love den. She also alleged that, despite not having any health conditions, he later took a medical leave from his job at Harvard to live a “secret life” with another woman in New Mexico.
From The News Desk
Charles Koch-Backed Super PAC Endorses Nikki Haley For President
Americans for Prosperity Action, the super PAC backed by billionaire Charles Koch, endorsed former South Carolina Gov. Nikki Haley for president Tuesday, adding to the growing list of influential anti-Trump Republicans rallying around her, reports Sara Dorn.
The group announced the endorsement Tuesday in a tweet that said Haley “represents a new generation of conservative leaders who will solve the tough problems and lead our country forward.”
In a memo to supporters, AFP Action said it believes Haley has the best chance at defeating former President Donald Trump in the GOP primary and President Joe Biden in the general election, while lamenting the “downward spiral” of American politics.
Related: “Haley Campaign Pours Money Into Ads Attacking DeSantis—But Still Won’t Bash Trump” by Sara Dorn
Can David Boies Legalize Weed?
The man who says he will legalize cannabis in America is sitting in his Manhattan corner office on the 20th floor of 55 Hudson Yards, staring at the river below. A wine refrigerator hums in the background and a two-foot-tall bronze statue of a Boy Scout, hat in hand, peeks over his shoulder, reports Will Yakowicz.
“We represented a few gay Boy Scouts—the Boy Scouts is a private organization and they continued to exclude gays from leadership positions,” says David Boies, chairman and managing partner of Boies Schiller Flexner, and one of the country’s most fearsome litigators. “We challenged that under both federal and state law and forced them to change. A couple years afterwards, the Boy Scouts gave me the Franklin Roosevelt Award.”
Self-Funded Candidate For Congress Blows Through Financial Disclosure Filing Deadline
A largely self-funded Republican running for Congress in California has missed a deadline to disclose exactly where her money is coming from. Margarita Wilkinson, the general manager of Univision San Diego, filed papers with the Federal Election Commission on Aug. 15 to run for the House.
By The Numbers
0
The number of times a government ethics official appeared to consider that the venue was a hotel owned by the president when OK’ing HUD Sec. Ben Carson’s request to accept an invite to Kuwait’s national day celebration at the Trump International Hotel Washington, D.C. in 2019, according to documents released pursuant to the Freedom of Information Act.
$5,895
The amount the campaign for Rep. Matt Gaetz (R-Fla.) disgorged to the U.S. Treasury in September. “The committee disgorged funds for stale or uncleared checks, such as contribution refunds for donors who contributed over limits but never cashed their refund checks,” explained a campaign spokesperson.
$7 billion
The estimated net worth of Terry Gou, the billionaire Foxconn founder, who dropped out of Taiwan’s 2024 presidential race last week.
Road To 2024
Jennifer Franks, chair of The Draft Romney Manchin Committee, joins “Forbes Newsroom” to discuss her committee’s goal of forging a 2024 unity ticket with Sens. Joe Manchin (D-W.V.) and Mitt Romney (R-Utah).
Tracking Trump
Trump’s Social Media Firm Has Lost $31.6 Million Since Its Inception, Filing Shows
The parent company of former President Donald Trump’s social media site, Truth Social, has lost $31.6 million since its inception in 2021, according to a regulatory filing that raises concern about the platform’s financial condition and its ability to continue operations.
Correction: The article, which originally published on Nov. 14, has been corrected to show Truth Social lost $31.6 million since its inception, and had a net profit of $50.5 million in 2022.
Trump Golf Course Keeps Current On Payments For $400,000 Fine After Customer’s Fatal Car Crash
One of Donald Trump’s New Jersey golf courses continues to adhere to its payment schedule for a $400,000 fine it incurred after not contesting charges in 2021 that it violated alcoholic-beverage control laws in connection with a fatal car crash.
After leaving Trump National Golf Club in Colts Neck on Aug. 30, 2015, a customer drove his Mini Cooper over a curb, causing it to flip and roll, the Asbury Park Press reported. The accident killed the car’s only other passenger. Police reported that the driver’s blood alcohol content at the time was over the legal limit of .08. In January 2018, the driver pleaded guilty to vehicular homicide and was sentenced to three years of probation, 100 hours of community service and ordered to undergo substance-abuse counseling.
Quiz
How much did Cornel West pay in monthly rent in 1999 to maintain an apartment in Cambridge, Massachusetts to conduct extramarital affairs, according to a court filing from an ex-wife?
a. $250
b. $1,500
c. $2,500
d. $5,000
Check if you got it right here.