Taylor Hill/FilmMagic
Jordan Runtagh
December 23, 2016 08:30 AM

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.”

AKM-GSI

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.”

After receiving a stunning eight Grammy nominations earlier this month, friends and family hope the positive momentum will carry West through his medical travails.

“Kanye — he is who he is. He has had this moment. He can get better, he can be functional, and he can be successful,” the business insider tells PEOPLE. “He has to take a look at some things that are important for him to really take the next steps in his life personally and professionally.”

  • Reporting by LIZ McNEIL and JANINE RUBENSTEIN

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