Continuing with the cancellation of Kanye, he is no longer a billionaire. Adidas has cut all ties with Ye, Forbes took him off the billionaire list and reveals that he is only worth $400 Million without the sportswear brand behind him.
Before the now no longer existing deal, 4 to 8% of all Adidas sales came from Kanye’s Yeezy products. According to investment bank Cowen, the dead deal cost Ye $1.5 billion of his net worth. Ye has yet to reply to Forbes’ request for comment.
Kanye’s remaining assets stem from real estate assets, cash, his music catalog, and a minor stake in Kim Kardashian’s Skims line.
An early Tuesday morning press release from Adidas states the brand “does not tolerate antisemitism and any other sort of hate speech.”
Adidas' statement reads, “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.”
Adidas made a decision to end the partnership, the end product of Yeezy branded products, and stop all payments to Ye and his companies, effective immediately.
Adidas also understands the financial setback of terminating the partnership, stating a short-term negative impact of $250 million for the fourth quarter.
Adidas states they own all design rights to existing products and previous and new colorways under the partnership.