Kanye West no longer a billionaire after Adidas cut ties
Topics: Kanye West, Money, Racism
Emily Brown
Featured Image Credit: Shutterstock/Francis Specker / Alamy Stock Photo
Topics: Kanye West, Money, Racism
Kanye West no longer has billionaire status after Adidas cut ties with the rapper over anti-semitic remarks.
Earlier this year, West was reported to have a net worth of a staggering $2 billion (£1.7b) thanks to a multi-year deal with Adidas for his sneaker brand Yeezy, as well as his music.
His fortune was made up of the brands as well as cash, real estate, the value of his music and a 5 percent stake in Kim Kardashian's company, Skims, but West's wallet just got a whole lot smaller.
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In a statement released today (25 October), Adidas announced it was cutting ties with West, who know legally goes by the name Ye, over some of his recent comments.
The company explained: "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.
“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."
Adidas faced pressure to end its relationship with West after the rapper made anti-semitic comments that resulted in him being locked out of his Twitter account and blocked on Instagram. A Change.org petition aimed at the brand was launched by the group Campaign Against Antisemitism, and quickly tens of thousands of signatures from people supporting the move to end the partnership.
He was spotted wearing a shirt with the slogan 'White Lives Matter' during an appearance at his YZYSZN9 Paris Fashion Week show, and in a post on Twitter wrote that he would go “death con 3 ON JEWISH PEOPLE.”
During an appearance on the Drink Champs podcast earlier this month, West also claimed: "I can say anti-Semitic sh*t- and Adidas cannot drop me."
Evidently, West was wrong.
Forbes reports that West's deal with Adidas accounted for $1.5 billion of his net worth, so with Adidas officially having split from the rapper, his fortune drops to $400 million.
The sportswear brand is not the only company to cut ties with West in the wake of his comments - others include Gap, CAA and Balenciaga.
Vogue Runway magazine also stated it had 'no intention' of working with the rapper again in the future.
UNILAD has reached out to a representative for West for comment.