Update: Kanye West Loses Billionaire Status After Adidas Terminates Partnership
Update: (Oct. 25, 2022): Looks like Adidas isn’t the only party taking a great financial hit after cutting ties with Kanye West.
According to new reports, Kanye West has lost his billionaire status due to the terminated deal. Reportedly, Forbes made it official today (Oct. 25), claiming Kanye can no longer be considered a billionaire following the multiple companies that have ended their partnership with the entertainer.
While Adidas is the latest corporation to call it quits with the “Donda” rapper, it’s being reported that it’s a combination of the several ended deals that has booted him out of the ten-digit club. However, Forbes does note Kanye’s partnership with Adidas was a huge part of his wealth and seemingly the final nail in the “no-longer-a-billionaire” coffin.
Reportedly, Forbes claims Kanye is now worth somewhere in the ballpark of $400 million. He was previously said to be worth around $1.3 billion.
Since being cut by multiple companies, The majority of Kanye’s financial value is coming from select few sources such as; real estate, liquid cash, his music catalog, and a less than 5% stake in Kim Kardashian’s Skims brand, according to Forbes.
Original Story: (Oct. 25, 2022): Adidas announced their partnership with Kanye West will be terminated, effective immediately.
Kanye West made headlines this morning (Oct. 25) as Adidas decided to terminate their partnership with the Yeezy founder over his antisemitic remarks. Reportedly, this move will impact the retailer’s bottom line by up to $246 million in 2022. Kanye West and Adidas joined forces seven years ago when they decided to work on a fashion collaboration — Adidas Yeezy. In a statement, the famed brand said:
“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.”
According to Adidas, they undertook a “thorough review,” and came to terms with ending the partnership with the Grammy Award winner. They have decided to stop producing Yeezy-brand products and cancel all payments to his companies. The statement continued:
“Adidas will stop the Adidas Yeezy business with immediate effect.”
The brand predicts ending its partnership with the father-of-four will negatively impact Adidas’s net income in 2022, citing the “high seasonality of the fourth quarter,” which includes the holiday season.
Adidas isn’t the only franchise to end its partnership with the 45-year-old. As previously reported, Balenciaga called it quits with the Chicago native on Thursday (Oct. 20). The luxury fashion house decided that they will no longer be working on projects with Kanye after his controversial comments about Black people, George Floyd’s death and the Jewish community. Earlier this month he took to social media to share his intent to go “death con 3 on Jewish people,” followed by his appearance on the “Drink Champs” podcast where he went on a similar antisemitic rant. In a statement, parent company Kering said:
“Balenciaga has no longer any relationship nor any plans for future projects related to this artist.”
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