After being dismissed by Adidas amid mounting criticism for his anti-Semitic outbursts, American artist Kanye West may lose his billionaire status.
The rapper’s $220 million yearly contract with the German sports company, worth a total of $1.5 billion, has been terminated due to his unsavory behavior.
West, 45, is reportedly likely to lose his billionaire title after severing relations with the sportswear giant and is currently worth $2 billion, according to Forbes.
Following the termination of the brand, which comes after a number of other lucrative partnerships have been canceled, the rapper’s net worth may go below $1 billion.
In a statement, Adidas stated that they will be breaking up their collaboration after reviewing their agreement with Ye.
They assert that earlier this month, they made numerous attempts “to privately resolve the situation.”
Adidas’ share price has fallen more than 50% over the last six months, and it is anticipated that after the announcement, it will fall even further.
In a statement Adidas 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.’
The company also claimed that cutting ties with the rapper is likely to have a ‘negative impact of up to €250 million on the company’s net income in 2022’.
After turning down a collaboration with Nike, the two parties entered into a partnership that was supposed to last for ten years.
Kanye had previously accused Adidas bosses of “stealing” his ideas before the business fired him. Adidas pays West a yearly royalty fee to market the products, even though West owns the Yeezy brand.
West has been under fire in recent weeks for his odd conduct, which included debuting a line of shirts with the slogan “White Lives Matter” during Paris Fashion Week.
In an episode of the Drink Champs podcast with N.O.R.E, West asserted that Derek Chauvin’s knee “wasn’t even on his neck like that” and that George Floyd died after ingesting fentanyl.
Floyd’s family have since lodged a $250million lawsuit against the musician over the comments, calling them ‘repugnant’ and stating he used ‘false statements’ to ‘promote his brands’.
After making a slew of anti-Semitic comments, West lost a number of lucrative relationships. Due to the failure of his contracts with Balenciaga and Gap, the rapper was yesterday dropped by talent agency CAA.
Kanye also falsely claimed to be the “richest black man in American history,” a designation that actually belongs to Robert F. Smith of Vista Equity.
He said: ‘A lot of this stuff for me as the richest black man in American history, that put $140million in JP Morgan, and never even had a chance to… not even get to deal with them. We’ll speak at a different time.’