Kanye West is no longer a billionaire after his split from Adidas caused his net worth to drop to $400 million USD ($625 million AUD).
Kanye West was dropped from two places today – Adidas and, subsequently, the billionaire club. According to Forbes, The split from the clothing line has allegedly caused Ye’s net worth to drop to $400 million USD (approximately $625 million AUD), effectively wiping out his billionaire status.
The split from Adidas came only days after the rapper doubled down on his anti-semitic remarks and shortly after he claimed that Adidas couldn’t drop him no matter what he did.
It also comes amidst a very public cancellation campaign against Ye – although some would call it ‘accountability’. By now, he has been dropped by both Balenciaga and Gap, as well as talent agency CAA. A documentary about the rapper has also been canned.
Announcement of the dissolution of the partnership followed Adidas’ statement earlier in October, where they claimed their relationship with Ye was ‘under review’. Since then, the brand faced increasing pressure on all ends to cut the rapper out, not least because of their own ties to Nazi Germany.
In their statement on Tuesday, Adidas said: “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.” they added.
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Contrary to what Ye thought, the split from Adidas is not a major blow to the company. According to Forbes, Yeezy sales only account for 4-8% of their total sales, as opposed to Ye’s claimed number of 68% earlier this year.
In that same rant, he claimed that Adidas had not only made up Yeezy day without his approval, but also stolen his designs, colourways, and hired people out from under him without him knowing.
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