- Kanye West is officially no longer a billionaire According to the Forbes Billionaire Index.
- The 45-year-old lost a total of $1.6 Billion from his $2 Billion net worth, thanks to his severed partnership with Adidas
- Without Adidas, Kanye West is estimated to be worth $400 million, according to Forbes
The American Rapper and Record Producer Kanye West is officially no longer a billionaire According to the Forbes Billionaire Index. The 45-year-old lost a total of $1.6 Billion from his $2 Billion net worth, thanks to his severed partnership with Adidas over his Anti-semitic and racist comments.
A few days ago, 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, on the Drink Champs podcast earlier this month.
West had worked with Adidas since 2013 on his Yeezy line of super expensive, super popular sneakers. According to a report on Forbes, the deal accounted for $1.5 billion of West’s net worth. Adidas also gets an estimated 4% to 8% of its sales from Yeezy products, according to investment bank Cowen.
Kanye’s anti-Semitic comments put escalating pressure on Adidas to sever ties with him 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. According to Forbes, the move will cost them big but West, even more, losing a total of $1.6 Billion from his $2 Billion net worth
“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.”
Without Adidas, Kanye West is estimated to be worth $400 million. According to Forbes. The remainder of his fortune comes from real estate, cash, his music catalog, and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims.
Prior to his recent split with Adidas, West had lost some deals earlier in the year. Gap terminated its Yeezy partnership in September. Earlier this month, JP Morgan reportedly unbanked Ye. French fashion house Balenciaga nixed their relationship with Ye on October 21, just weeks after he walked their runway at Paris Fashion Week.
Yesterday, a production company MRC said it would not air a completed documentary on Ye, and talent agency CAA, where Ye was signed, dumped him. The two had been in partnership since 2013 when news of their Yeezy collaboration was announced.