Kanye West’s net worth has fallen from $2 billion to $400 million following Adidas cutting ties with the mogul after his anti-Semitic comments.
Forbes magazine have released an update on Ye’s wealth status, and damningly revealed, “Ye is no longer a billionaire”. They explained: “The $1.5 billion value of the Adidas deal was calculated off of a multiple of annual earnings. Based on interviews with industry experts, Forbes had viewed the royalties Ye received from Adidas to be similar to royalties from music catalogs or film residuals.”
They added: “The Adidas income stream could be sold off, those experts said, just like dozens of musicians (including the likes of Bob Dylan and Bruce Springsteen) have sold off their life’s work over the past two years.
The rest of his vast fortune comes from his music catalogue, cash, real estate as well as his 5 per cent stake in Kim Kardashian’s brand, Skims. Pressure was growing on Adidas to part ways with West following his string of anti-Semitic comments, and now, they’ve finally done it.
In a statement, 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.”
They added: “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.”
Yesterday, when news broke of Adidas cutting ties with Ye, they also felt the repercussions of this decision, with it causing a 4% fall in morning trading in Frankfurt.