Kanye West ‘no longer a billionaire’ after being dropped by Adidas

Kanye West is no longer a billionaire, according to Forbes.

Over the last few weeks, the Praise God rapper has sparked outrage from fans and fellow stars over his anti-Semitic comments regarding the Jewish community.

After he was banned from both Twitter and Instagram for stating that he would go ‘death con 3’ on Jewish people, many have cut ties with the 45-year-old professionally – including Vogue Magazine and Balenciaga.

Earlier today, Adidas declared that they would also no longer be working with the dad-of-four, a move that will cost them up to €250million ($249m) of their income in 2022.

‘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,’ a spokesman shared in a statement.

‘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.

‘This is expected to have a short-term negative impact of up to €250million (£217m) on the company’s net income in 2022 given the high seasonality of the fourth quarter.

‘Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.’

According to Forbes, with his Adidas deal – calculated to be worth $1.5billion – scrapped, this means that Kanye is ‘no longer a billionaire’.

The publication reports that without the partnership, he is worth $400m – which stems from real estate, his music and the 5% stake he still owns in Skims, the shapewear company founded by ex-wife Kim Kardashian.

The two have been closely linked for more than a decade, and Kanye’s Yeezy brand accounted for up to 8% of the brand’s total sales, according to Wall Street analysts.

During a recent podcast appearance, the Grammy-winner boasted that Adidas wouldn’t be able to axe their partnership.

‘The thing about me and Adidas is, I could literally say anti-Semitic s**t and they can’t drop me,’ he claimed.

‘I could say anti-Semitic things and Adidas can’t drop me. Now what?’

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Last week, Kanye sat down with Piers Morgan for an explosive interview, in which he defended his recent behavior before apologizing for his anti-Semitic comments.

The musician was questioned on whether he regretted threatening to go ‘Defcon 3 on Jewish people’ in a post which saw him locked out of both Twitter and Instagram.

At first, West doubled down, telling the host: ‘No, absolutely not.’

When Morgan asked if he knew the comments were racist, he said: ‘Yes, that’s why I said it… I fought fire with fire. I’m not here to get hosed down.’

He later offered an apology, stating: ‘I will say, I’m sorry for the people that I hurt with the Defcon… the confusion that I caused.

‘I feel like I caused hurt and confusion and I’m sorry for the families that had nothing to do with the trauma that I had been through.

‘Hurt people hurt people – and I was hurt.’

Metro.co.uk has contacted Kanye’s reps for a comment.

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