The outrage that has come as a result of Kanye West‘s anti-Semitic remarks is following him all the way to the bank.
As reported here Tuesday morning (October 25), Adidas finally responded to public outcry to drop their business ties with West after he made comments deemed anti-Jewish on social media and in media appearances.
Just days after the rapper and fashion mogul took to press to say, “I can say anti-Semitic s—- and Adidas cannot drop me,” the sportswear manufacturer proved him wrong.
“Adidas does not tolerate antisemitism 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,” they said in an official statement. “After a thorough review, [we have 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.”
And while they admitted the loss of his brand partnership would have a negative impact on their revenue, Forbes has gone to press to reveal the bigger loss would be on Kanye’s side.
Formerly listed as one of their leading self-made billionaires, the finance mag published an article Tuesday to reveal his status as such is no more.
“With [Adidas] gone, Ye is no longer a billionaire…The $1.5 billion value of the Adidas deal was calculated off of a multiple of annual earnings…Without Adidas, Ye is worth $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. (A source close to Skims told Forbes Ye hasn’t been involved with the brand since its 2019 launch.),” the mag’s senior entertainment reporter Lisette Voytko reported.
At writing, West – who has slammed Forbes in the past for allegedly misreporting and undercounting his income – has not responded to the report of his current billionaire status.
The news comes just days after Vogue and Balenciaga made headlines for dropping their business partnerships with Ye as well.