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After being dropped from Adidas on Tuesday, Kanye West has lost his billionaire status, as the partnership was $1.5 billion of his net worth.
Ye is a billionaire no more. After his partnership with Adidas was severed on Tuesday (October 25) for offensive and antisemitic remarks made on social media and recent media appearances, Forbes has reported that the Donda 2 artist has lost his billionaire status. The sportswear company joins other brands and influencers that have since denounced Ye, including Creative Artists Agency (CAA), MRC Entertainment, Vogue editor-in-chief Anna Wintour, and Ye’s former wife Kim Kardashian.
According to the publication, Adidas received an estimated 4% to 8% of all sales from Yeezy products, but the artist formerly known as Kanye West made bank during the partnership, as the deal accounted for $1.5 billion of his net worth.
While on a now-pulled Drink Champs episode, Ye asserted that despite his controversial statements about Jewish people, Adidas wouldn’t end their deal.
“I can say anti-Semitic s*** and Adidas cannot drop me,” he said in the episode.
.@adidas the silence speaks for itself. You are absolutely aware of this issue. You have chosen to say nothing either for profit or sympathy for @kanyewest cause, the promotion of hate. https://t.co/YGv3ToYP3z
— Alexander S. Vindman (@AVindman) October 23, 2022
On Tuesday, Adidas published a remark of their own, declaring that their relationship with Ye has ended, weeks after announcing that the partnership was “under review.” The termination will impact Adidas’ 2022 net income by €250 million ($246 million), although the company said the decline will be short-lived.
“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 announced 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.”