Kanye West is reportedly no longer a billionaire after Adidas cut off their relationship with him.
Forbes has estimated that after Adidas cut ties with the rapper over his recent antisemitic remarks, the loss in business has tanked his net worth.
The outlet had estimated Kanye’s net worth at $2 billion (£1.75 billion) earlier this year, including his $1.5 billion (£1.31 billion) deal with the fashion brand. As part of the deal, Adidas sold Yeezy products and kept four-eight per cent of the profits.
Earlier this month, the rapper and Yeezy designer made a series of antisemitic remarks, beginning with a Twitter post that claimed he would go “death con 3 on JEWISH PEOPLE”, misreferencing the United States military term DEFCON 3. Later, Kanye said on the Drink Champs podcast, “I can say antisemitic s**t and Adidas cannot drop me.”
On 6 October, the company said their relationship with Kanye was “under review”. On Tuesday, they announced, “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.”
With his billion dollar Adidas deal terminated, Forbes estimates that Kanye’s net worth now sits at $400 million (£349.41 million) – meaning he is no longer a billionaire. The outlet reports that his remaining net worth comes primarily from real estate, cash, his music catalogue and a five per cent stake in ex-wife Kim Kardashian’s shapewear firm, SKIMS.
– Cover Media