Diddy replaces Kanye West as hip-hop's second wealthiest artist
Topics: Celebrity, Kanye West, Music
Lucy Devine
Featured Image Credit: ZUMA Press, Inc. / Alamy Stock Photo/Drink Champs/YouTube
Topics: Celebrity, Kanye West, Music
Rapper Sean 'Diddy' Combs has replaced Kanye West as hip-hop's second wealthiest artist, following Ye's string of recent controversies.
According to a new report by Forbes' Zack O’Malley Greenburg, the five richest hip-hop acts have had a reshuffle.
While Jay-Z continues to take the top spot as the richest artist in hip-hop - with an estimated net worth of $1.5 billion (£1.3 billion) - Diddy now takes the second spot, with a net worth of $1 billion (£861 million).
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The artist's wealth partly comes from a number of investments and assets, including his Ciroc partnership with Diageo, which reportedly earns him $60 million (£51 million) each year.
Diddy replaces West in the rankings, following a huge drop in West's net worth in the last couple of weeks.
Earlier this year, the rapper, 45, was reported to have a net worth of $2 billion (£1.7 billion) - the result of deals with Adidas for his sneaker brand Yeezy, as well as his music.
Also contributing to his net worth was real estate and a five percent stake in Kim Kardashian's company, Skims.
However, following West's antisemitic statements on social media, which include a tweet sent on 8 October, where Ye said he would soon go 'death con 3 on JEWISH PEOPLE', many brands have cut ties with the rapper - including Adidas, a deal which is said to have accounted for $1.5 billion of his net worth.
"Adidas does not tolerate antisemitism and any other sort of hate speech," the brand said in a statement.
"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.
"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."
Writing on Instagram, the rapper responded: “I lost 2 billion dollars in one day and I’m still alive … The money is not who I am. The people is who I am.”
Other brands that have also cut ties with West include Gap, CAA and Balenciaga. Meanwhile TJ Maxx, Gap and Foot Locker have also parted ways.
In a statement to CNNBusiness, TJ Maxx said: "At TJX we do not tolerate discrimination, harassment, or hate of any kind.
"We have instructed our buying teams not to purchase this merchandise for sale in any of our stores globally."
If you have been affected by any of the issues in this article and wish to speak to someone in confidence, contact Stop Hate UK by visiting their website www.stophateuk.org