Kanye West, Kim and Kids Go Backstage at the 'Nutcracker' Ballet

Getting into the festive spirit. Kanye West and Kim Kardashian made it a family affair when they took their 3-year-old daughter, North, to see the holiday classic The Nutcracker on Friday, December 23.

Kanye West Merchandise

Kanye West Won’t Move Ahead with European Concert Dates

A month after canceling the remaining North American dates of his Saint Pablo Tour, a source close to Kanye West reveals that the rapper will not be moving forward with European shows.

Despite reports that the overseas leg of the tour has been canceled, “It was never confirmed, never announced, hence not canceled,” the insider tells PEOPLE.

Still, another source with knowledge of West’s business dealings says that it’s the rapper’s impulsive behavior and fluctuating moods that have made it difficult to solidify future plans of any kind. “He is mercurial,” the business source tells PEOPLE. “One minute he is here. One minute he is there. He is very very difficult to pin down. Things are changing minute to minute.”

After being released at the end of November from UCLA, where he received treatment for exhaustion and sleep deprivation, West was ordered to scale back from his many business ventures. This did not stop him from traveling to New York City last week, where he had a brief meeting with President-elect Donald Trump, or stepping out for a movie Wednesday with pal Corey Gamble. But the business source says he will not be returning to the stage any time soon.

“Fitness — physical and mental – are essential to him being able to be restored fully and cleared to work,” the second source explains. “He has health issues that need to be resolved prior to returning to work.”

Some of West’s associates fear that the lost tour revenue — estimated at $1.5 million per city on top of $16 million in missed merchandise sales — could put a serious strain on his finances. But the West source tells PEOPLE that the money is indeed there, but merely tied up in the rapper’s portfolio of businesses.

“He reinvests a lot of his earnings into his companies. A lot of what he does he finances himself,” says the source. “Money that comes in from touring, he uses to finance his fashion stuff. When he talked about being $50 million in debt, that was prior to the massive Adidas deal that he did and this wildly successful tour, and all the merch he was selling night after night. He’s had an incredible, massive year, financially.”

The same insider reveals that wife Kim Kardashian West has played a major role in how he approaches his financial dealings.

“Kim’s always advised him on his businesses. He’s always talked about her business acumen — how she’s a great businesswoman and he’s learned so much from her.” Though rumors of strife within their marriage continue to build, the couple stepped out to dinner together earlier in the week and the West source says they’re still expected to spend the holidays to together. 

After an emotionally taxing year, those close to West are urging him to put his well-being first. “He has tremendous earning capacity and he has a great talent,” the business source says. “He just needs to take the time to focus on his health now. He needs to rest, because if you feel good one day, it doesn’t mean you are good. And in his situation, it is a cumulative thing. It’s something he needs to manage.”

Kanye is STILL running for President in 2020

A Yeezy White House is still in the cards if you ask Kanye West. 

The outspoken rapper took the stage Thursday evening in San Jose, Calif., and in between performing his biggest hits, asserted that his own presidential aspirations haven't diminished in the wake of this year's election cycle. 

"I'm concerned about putting our concept of how to do the [president's] job in a new way and if no one will do it in that way, I will take position in 2020 and do it myself," Kim Kardashian's hubby explained.

The "Ultralight Beam" artist famously announced his bid for the presidency onstage at the 2015 MTV Video Music Awards, and since then has maintained that he'll one day run to become the leader of the free world. 

"If there is anything that I can do with my time and my day, to somehow make a difference while I'm alive," West told BBC Radio 1 in August, "I'm going to try to do it." 

'Ye also admitted to Vanity Fair that he's "not a politician," and thus has to learn a little more about the role. "I sit in clubs and I'm like, Wow, I've got five years before I go and run for office and I've got a lot of research to do, I've got a lot of growing up to do," he told the mag. 

In Yeezy we trust?

Kanye West and the stolen laptop

Kanye West has a troubled history with laptops. This could be why he is so obsessed with being the next Steve Jobs — because he needs an Apple Genius Bar near him at all times.

He raps about drama surrounding laptops in two songs on The Life of Pablo: "Real Friends," (I had a cousin that stole my laptop that I was fuckin' bitches on/ Paid that n---- 250 thousand just to get it from him/ Real friends/ Huh?) and "No More Parties in L.A." (And as far as real friends, tell all my cousins I love 'em/ Even the one that stole the laptop, you dirty motherfucker).

At the time, the diss to his cousin were pale in comparison to the controversial "Famous" lyrics. So what? His family member stole a laptop back in the day — no biggie. 

But now, Lawrence Franklin, a cousin of West, says that a family member did indeed have drama with the rapper over contents on a laptop. And a lot of it. 

Franklin told The Daily Mail that in 2012, West gave a family member a laptop as a gift without realizing there was still a personal video on it. In the rumored video, West is having sex with an unidentified woman who is not Amber Rose or Kim Kardashian (the only two women West had been linked to at the time).

"I was at my aunt's house when the family member who had the laptop called me, a friend of his, and my uncle to the kitchen where he opened the laptop to show a video of Kanye in clear view having sex with a fair-skinned black woman," he told the site. After seeing the incriminating video, Franklin said the cousin "knew he had gold" and wanted to basically blackmail West over it. 

In the end, West reportedly paid more than $250,000, but not without also requiring the cousin to take a lie detector test to prove that nothing was leaked to the public. The incident apparently caused a huge rift in the family, and things were never the same. Both West and the cousin kept quiet about the incident (except for those explicit TLOP lyrics). Franklin goes on to talk candidly about West's personal life, saying that "Aunt Donda [Kanye's mother] would not have approved of Kim Kardashian —that's the truth."

The Daily Mail writes that they made "multiple attempts" to confirm the story with West's people, but were unable too — which means this incident is either art imitating life or life imitating art. Based on West's exclusivity these days, it may take awhile to find out for sure.

Did you know that Chance the rapper turned down Kanye West

Chance the Rapper will always look back on 2016 fondly.

While it is the year that catapulted his career to an extraordinary level, from his advocacy working with the youth in Chicago to appearing on SNL to impressively securing seven Grammy nominations, at the end of the day, what is perhaps his most incredible achievement to date is how he remains independent, despite Kanye West's best efforts.

In a new interview with ABC News, the Chicago native talks about how the decision to remain independent has not always been easy, especially considering the plethora of record labels that have been interested in signing him. He admits he feels it's the best decision for him and his ever-expanding career, and hopes to inspire others by way of leading by example.

"I wanted to give the idea of freedom back to artists, and one of the biggest things is control of how you release your music," Chance said of his decision to release his music for free and remain independent. 

He also addresses how it wasn't "easy at all" saying "no" to the likes of his mentor, Kanye West.

"It's not easy at all, definitely not telling Kanye," he adds. "It's definitely hard keeping that resistance, but I wanna teach people that it's doable without."