*Actions create reactions and sometimes that’s not good. With that in mind, Kanye “Ye” West has lost a couple of deals and partnerships (and a LOT of money) following the anti-semitic comments he made this month.
As we reported earlier, Adidas became the latest company to terminate its partnership with Ye over his antics. In a statement shared Tuesday, the German sportswear giant 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. 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.”
The company explained that their move against Kanye would have a short-term negative impact of up to 250 million euros ($246 million) on net income in 2022 due to high seasonality in the fourth quarter.
Then, just hours after the big announcement, Forbes reported that Ye had lost his billionaire status in the wake of Adidas ending their partnership with the controversial entertainer. While Adidas on its own did not make him lose his membership of the ten-digit club, Forbes says it’s a combination of several deals, including Gap, falling apart of late.
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Wait. There’s more …
Let’s take a deeper dive into Ye’s financial situation via Forbes. As we said above, the publication declared it had dropped Ye from its list of billionaires. It estimated the Adidas deal accounted for $1.5 billion of his net worth, but Forbes now estimates it at a “mere” $400 million.”
The financial outlet went on to explain that the $400 million remaining of West’s net worth comes from real estate, cash, his music catalog and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims.
Don’t be surprised if he still insists he’s a billionaire. If you recall, he’s publicly complained that Forbes has been underestimating his net worth.
Back in 2020 when Forbes first listed him as a billionaire — he texted the magazine saying, “It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”
For this year’s valuation, Ye sent documents to Forbes claiming his Adidas partnership alone was worth $4.3 billion, and has claimed elsewhere that his net worth was about $7 billion, reports CNN.
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