KanyeWestRecent controversial antics have seen him fall out of the ten-figure club after losing his billionaire status amid the termination of several lucrative partnerships, most notably Adidas.
On Tuesday, forbes officially reported that Ye lost his billionaire status after Adidas ended its partnership with him, alongside canceled contracts with Gap and Balenciaga, The shadow room reported last week.
The Adidas deal alone accounted for $1.5 billion of his net worth, according to Forbes.
The loss of the Adidas deal is the final nail in the coffin for Kanye’s billionaire status amid canceled deals with Gap, Balenciaga
While the Adidas deal itself wasn’t necessarily the primary reason for the drop in Yeezy’s fortune, it has been described as a “huge” chunk of his fortune and the final nail in his coffin in terms of his billionaire position.
After all the fallout, Forbes still estimates Yes’s net worth at around $400 million, but that’s a far cry from a few years ago when his net worth was estimated at around $1.3 billion, with the majority of his public property was taken into account.
The bulk of Kanye’s wealth comes from a few sources, including cash, his music catalog, real estate, and a 5% stake in his ex-wife Kim Kardashian’s Skims brand, according to Forbes.
The canceled deal with Adidas hasn’t done the sports equipment maker any favors either, as the company claims it shed nearly a quarter billion dollars in net profits in this fourth quarter alone by cutting ties with Kanye.
According to investment bank Cowen, the sports outfitter generated an estimated 4 to 8 percent of its sales with Yeezy products.
The contract termination marks the end of a long, acrimonious relationship between Adidas and Kanye West
Forbes further noted that this termination marks the end of a long and acrimonious relationship they have had with Kanye over the years. And it’s likely West didn’t even see it coming, according to an appearance on the Drink Champs podcast earlier this month.
BREAKING NEWS: Trumper Kanye West is hit with devastating news as iconic fashion brand Balenciaga has cut ALL business with him over his racist rants, declaring that “Balenciaga is no longer in a relationship and has no plans for future projects with him”. RT THANK YOU BALENCIAGA!
— Occupy Democrats (@OccupyDemocrats) October 21, 2022
“I can say anti-Semite — and Adidas can’t dump me,” the rapper, now legally known as Ye, said on the Drink Champs podcast earlier this month.
Ye had been working with Adidas on its Yeezy line of super expensive, super popular sneakers since 2013,
However, Ye has always claimed he is worth more than what Forbes reported. The outlet has always stood by its findings.
Brand deals, partnerships end amid anti-Semitic comments, other recent controversial moves
Earlier this month, Kanye tweeted that he was going “death con 3 on Jewish people,” and was certain he “actually can’t be anti-Semitic because black people are actually Jews too,” The Shade Room previously reported.
The aftermath of those comments, alongside other controversial moves like wearing a White Lives Matter shirt during Paris Fashion Week.
The 45-year-old rapper has also lost his contract with Def Jam amid the recent controversy, the sources say New York Times.
https://theshaderoom.com/kanye-west-loses-billionaire-status-after-adidas-terminates-deal-gap-balenciaga-similarly-end-partnerships-amidst-recent-controversies/ Kanye West loses billionaire status after Adidas pulls out of deal