Ye’s controversial comments about the Jewish community have landed him in a financial mess. On Tuesday, Kanye West‘s net worth took a massive tumble after Adidas finally severed business ties over his antisemitic remarks on Drink Champs.
Last week, the Grammy-award-winning producer challenged the shoe giant to drop him during his appearance on the popular podcast. “I can say antisemitic sh*t and Adidas cannot drop me,” the artist, who now performs under the moniker Ye, said with confidence. The comment came just weeks after the 45-year-old threatened to go “death con 3” on the Jewish community and just days before he shook up Paris Fashion Week with his eyebrow-raising “White Lives Matter” shirt.
Kanye West’s net worth is taking a hit
This isn’t a good look for Kanye’s pockets. Forbes estimated that the rapper may lose out on half of his fortune because the company decided to part ways. Ye had been working with Adidas since 2013 to release several sneakers under his popular Yeezy brand. The lucrative collaboration accounted for $1.5 billion of his net worth, the outlet reported. Now, that’s all gone.
Adidas will be taking a massive hit, too. The Washington Post noted that Kanye’s uber-expensive Yeezy products pulled in an estimated $2 billion a year for the company. That’s close to 10 percent of the shoe titan’s annual revenue. But the rapper left them no choice. For weeks, angry fans and people on social media had been begging the company to cut ties with the chaotic MC over his remarks.
On Tuesday afternoon, Adidas finally released a statement announcing their decision.
“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,” the company said 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.”
Without Adidas, Kanye massive fortune has now been reduced to around $400 million, Forbes noted. Well, Adidas wasn’t the only billion-dollar company that said sayonara to Ye.
Gap and Balenciaga also parted ways with Ye
Earlier this month, Gap severed ties with the problematic rap star. It was a bold move given that Ye’s popular Yeezy Gap Line racked in $1 billion in sales when it first hit shelves. In 2021, Bloomberg estimated that about $970 million of the hip-hop mogul’s fortune was attributable to the massive deal.
The company has since shut down the YeezyGap.com domain and has removed all traces of the rapper’s products from their site.
Gap delivered the big blow just weeks before Balenciaga bid adieu to the “Late Registration” hitmaker.
Over the years, Ye had worked closely with the french fashion house’s creative director Demna Gvasalia on various projects including their recent Yeezy and Balenciaga collection with Gap. The two even worked together to conceptualize Kim Kardashian’s fully masked ensemble during the Met Gala in 2021. This month, the “Stronger” rapper opened Balenciaga’s summer 2023 fashion show, wearing a gigantic mouthguard and an oversized tactical warfare suit.
Now, Kanye West’s net worth will have to rely on what’s left of his massive fortune to keep up with fellow billionaires. According to Bloomberg, the producer has earned around $110.5 million from his entire music catalog. The rapper holds around $122 million in stocks, real estate and liquid assets. He also owns a 5 percent stake in his ex-wife Kim Kardashian’s shapewear brand, SKIMS.
Money aside, Ye has a lot of soul-searching to do in the coming weeks if he plans on restoring his image and trust with fans. We’ll just have to wait and see how this plays out.
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Kanye’s Net Worth Plunges After Adidas Cuts His Lucrative Yeezy Deal was originally published on newsone.com
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