Kanye West No Longer a Billionaire After Losing Adidas Deal ‘Obliterates’ His Net Worth – Report
According to a report published by Forbes on Tuesday (Oct. 25), Kanye West's net worth took a major hit and was "obliterated" immediately upon the news that Adidas had terminated their partnership with Ye, halted production on all Yeezy branded products and stopped all payments to the Donda rapper-producer.
Forbes says that in losing the partnership with the world-renowned athletic wear company, a deal that was estimated at $1.5 billion, experts calculate that Kanye West's current net worth has been brought down to $400 million. According to the report, Ye's remaining assets that make up the $400 million net worth are comprised of his extensive music catalog, liquidity in the form of cash, non-liquid real estate and a reported 5 percent share of Kim Kardashian's Skims brand.
News that Kanye's Yeezy brand's days with Adidas are over broke on Tuesday morning after the company spent the past few weeks reviewing the pros and cons of their once-lucrative agreement. After facing mounting pressure, the popular brand decided to cut Ye off completely as a direct result of his anti-Semitic comments that have seen the "All Falls Down" rapper face major backlash and lose other business deals with companies such as Balenciaga and Def Jam.
"Adidas does not tolerate antisemitism and any other sort of hate speech," representatives from Adidas said in a statement regarding the partnership. "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 final straw that broke the proverbial camel's back for Adidas follows a number of instances in which Kanye West has publicly bashed the company recently. Back in June, Ye claimed that Adidas had been using his Yeezy-specific designs to create knock-off footwear. From there, Kanye mocked the company's CEO, Kasper Rørsted, by posting a photoshopped newspaper article with a headline about the exec's death. The rapper-turned-fashion designer even went as far as to imply that his partnership with Adidas is similar to that of having a co-parenting relationship with his ex-wife Kim Kardashian.
XXL has reached out to Kanye West's team for a statement regarding the matter.