Kanye West Loses Billionaire Status After Getting Dropped by Adidas
Kanye West is officially no longer a billionaire after Adidas severed ties following antisemitic remarks made on social media and in national media appearances involving the company.
Recently, West challenged the German shoe company by making comments alluding to him being untouchable by the brand. “I can say antisemitic shit and Adidas cannot drop me,” he said during an episode of the Drink Champs podcast. He has been working with them since 2013 selling his famous line of Yeezy sneakers.
Reportedly, Adidas receives approximately 4% to 8% of its sales from the Yeezy-sneaker line, which accounts for $1.5 billion of Ye’s net worth. However, without this deal with the multi-national shoe company, Ye is worth approximately $400 million. The remainder of Ye’s fortune, Forbes estimates, comes from real estate, cash, his music catalog, and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims.
According to the Forbes 2022 list, West made it to #9 on the African American, Caribbean Billionaires list with an estimated net worth of approximately $1.9 billion.
Watch the remark made by Ye below:
Adidas has been pressured by the public and faced global backlash to reprimand Ye for his controversial public comments. This resulted in the company releasing a statement, asserting that his actions are “unacceptable, hateful and dangerous and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”
“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,” the statement further said.
There is a growing list of companies who have distanced themselves from Ye, including Balenciaga, CAA and Gap, MRC, Vogue, JP Morgan Chase Bank, the Creative Artists Agency, and a major Hollywood talent and sports agency.
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