Kanye West has lost his billionaire status according to Forbes. The YEEZY founder reportedly lost a fortune after Adidas severed ties with him over his anti-semetic remarks on Tuesday (October 25). The Chicago staple has often bragged about being a billionaire, but Forbes reports that without his lucrative deal with adidas, he is valued at $400 million, with the majority of his riches coming from real estate, his music catalog and a 5% stake in Kim Kardashian’s Skims brand.
West, within the last few months have controversially attempted to get out of his deal with adidas, with the rapper publicly accusing the company of stealing his ideas. Just days ago, during his recent appearance on N.O.R.E. and DJ EFN’s Drink Champs podcast, the artist now known as Ye West bragged about being supposedly undroppable by adidas in spite of his anti-semitic comments on social media.
“I can say anti-Semitic sh-t and Adidas cannot drop me,” said the rapper, who began working with the German company in 2013. His words and actions, put the shoe company under pressure from various legal organizations, anti-racism groups and its own employees — demanding they cut ties with the rapper.
After weeks of staying silent, adidas announced on Tuesday that it had terminated its partnership with Kanye West, citing his anti-Semitic remarks.
“Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” the statement reads. “After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”
As part of the statement, an Adidas spokesperson noted terminating the Yeezy partnership will have a “short-term negative impact” on the company’s net income in 2022 by €250 million ($246 million), but assured investors that Adidas is the “sole owner” of all design rights to existing products as well as previous and new colourways under the partnership.
In a phone conversation with Bloomberg last month, the 45-year-old revealed he was done with corporate sponsorships.
“It’s time for me to go it alone,” He told Bloomberg about his relationship with GAP and adidas. “It’s fine. I made the companies money. The companies made me money. We created ideas that will change apparel forever. Like the round jacket, the foam runner, the slides that have changed the shoe industry. Now it’s time for Ye to make the new industry. No more companies standing in between me and the audience.”
Since West’s repeated attacks on the Jewish community, which included a post on social media that, among other things, he planned to go “death con 3 on Jewish people.” He has been dropped by Balenciaga. A completed documentary about the rapper from MRC has been shelved, and the talent agency CAA, where he was signed, also dumped him.
