Rapper Kanye West fought hard to be recognized as a billionaire, and now he is no longer one. After Adidas finally joined the list of businesses to end their partnership with him, it cost Ye and the brand millions of dollars. The termination came after Ye’s various controversies, particularly his anti-Semitic remarks.
Forbes now claims that Ye’s net worth is now in the $400 million range, a critical drop from his previous valuation of $1.3 billion. His wealth now stems from real estate, his music catalog, cash and some investments. Apart from Adidas, famous brands such as Balenciaga and Vogue have also ended their partnership with Ye.
Despite intense criticism from the public over his anti-Semitic and anti-Black comments, Ye refused to be undone. Earlier this year, the rapper revealed that he was ready to end his partnerships with Adidas and Gap and run his Yeezy clothing line on his own. He has maintained this sentiment and refuses to see negativity in his social media posts.
Read on to learn more.
Forbes Confirms That Kanye West Is No Longer A Billionaire
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Ye just lost his deal with Adidas, which cost him dearly, as it accounted for over a billion dollars of his net worth. After Adidas released its statement, Forbes confirmed that the “Hurricane” rapper is no longer a millionaire. The report states that the drop in his net worth is not only due to the termination of his deal with Adidas but also by deals with Gap and Balenciaga.
Ye is now reportedly worth around $400 million, which is a significant drop from his previous worth of $1.3 billion, which includes most of his public assets. The rapper’s wealth now stems from several sources, including his music catalog, real estate, cash and investments. Ye still has a 5% stake in Kim Kardashian’s former Skims brand.
Adidas Ends Their Partnership With Kanye West
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For most of this year, Ye has bounced from controversy to controversy, which has built public pressure on his business partners to end their relationship with him. Adidas is one such partner, as their Yeezy shoe line with the rapper accounts for an estimated 4% to 8% of their sales.
Despite the pressure, the clothing brand remained tight-lipped, saying only once that its partnership with Ye was “under review”. Pressure mounted when the “Good Morning” rapper appeared on the “Drink Champs” podcast and said, “I can say anti-Semitic sh*t, and Adidas can’t drop me.”
Finally, the company released a statement confirming they had ended their partnership with Ye. It read, “After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end the production of Yeezy-branded products and stop all payments to Ye and his company. Adidas will discontinue the Adidas Yeezy business effective immediately.”
The Rapper Has Lost Some Shares
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Forbes confirmed that the drop in Ye’s net worth was due to the many business deals he lost because of his controversial “White Lives Matter” shirt, comments on the death of George Floyd and anti-Semitic tweets. Earlier this week, Balenciaga confirmed in a statement that it had ended its relationship with Ye.
Fashion magazine Vogue also confirmed that the publication and its famous editor-in-chief Anna Wintour have severed ties with Ye following the controversy. A leading bank, JP Morgan Chase, also confirmed that they closed Ye’s account with them and have given him notice to transfer his account to another financial institution.
Kanye West Refuses to Be Cancelled
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Despite intense public scrutiny and criticism and the loss of so many business relationships, Ye refused to be rescinded and has no plans to stop the controversial comments. During a phone interview with Bloomberg in September, the Yeezy founder said he was ready to “go it alone” and stop working with Adidas and Gap.
Ye said, “Nobody should be held in that position where people can steal from them and say, ‘we’re just paying you to keep quiet.’ Now it’s time for Ye to create a new industry. No more companies standing between me and the audience.”
The “Gold Digger” also recently spoke to the paparazzi about criticism of his recent controversy. He told TMZ, “I will not lose money. The day I was taken off the Balenciaga site, that was one of the most liberating days. We’re here, baby, we’re not going anywhere.”
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Source: thtrangdai.edu.vn/en/
