Kanye is a billionaire no more. With the loss of his adidas deal Kanye wealth plummets

Anerdyblackguy

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The superstar rapper no longer has a place on the Forbes billionaires’ list now that his lucrative deal with Adidas is over.​


Just days ago, the rapper-cum-fashion entrepreneur Kanye West challenged Adidas to drop him following a weekslong barrage of anti-Semitic remarks made on social media and in national media appearances.


"I can say anti-Semitic s—- and Adidas cannot drop me," said the rapper, who legally now goes by the name Ye, on the Drink Champs podcast earlier this month. Ye, who had worked with Adidas since 2013 on his Yeezy line of super expensive, super popular sneakers, thought he was untouchable. After all, Adidas gets an estimated 4% to 8% of its sales from Yeezy products, according to investment bank Cowen. For Ye, it was an even bigger deal, accounting for $1.5 billion of his net worth.

But Ye’s words put the German athletic wear company, with its own Nazi ties dating back to its founders, in the hot seat. What followed was even more escalating pressure on Adidas to sever ties with Ye, as his string of anti-Semitic remarks drew condemnation from the top tiers of Hollywood. For weeks, Adidas stayed silent, except to say on October 6 that their partnership with Ye was “under review.”



The pressure ratcheted up on Adidas after an image was released over the weekend of a banner draped over a Los Angeles highway overpass reading “Kanye was right about the Jews” accompanied by a group of white supremacists giving the Nazi salute to the drivers below. The white supremacists were apparently referring to Ye’s “death con 3 on Jewish people” tweet that got his Twitter account locked; other anti-Semitic remarks got him blocked on Instagram, and thousands upon thousands upon thousands of social media users chorused for Adidas to also drop Ye.


Today—Tuesday, October 25—Adidas finally broke its silence and ended the relationship. That move will cost them big but Ye even more, immediately knocking him out of the billionaire ranks.

“Adidas does not tolerate anti-Semitism 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 company declared in a press release. “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.”

With that gone, Ye is no longer a billionaire.
 
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