Following a slew of over-the-top antisemitic remarks coming from the rapper formerly known as Kanye West, now known as Ye, he has been losing brand deals left and right. Yet even as world-famous brands severed ties, his talent agency dropped him and celebrity peers condemned him, the musician has shown no remorse.
One more major change might just make Ye change his tune, however: losing his billionaire status.
According to Forbes Magazine, the loss of West's $1.5 billion deal with Adidas has left him with a net worth of just $400 million, less than half of what he was previously worth.
The remainder of his net worth is made up of various investments and financial earnings, real estate, cash, his music catalog, and a small 5% stake in ex-wife Kim Kardashian’s shapewear brand, Skims.
Confrontation with Forbes
According to Forbes, Ye's initial spot on the billionaire's list was a cause for conversation between the musician and the global business and investment media company. His removal from the list marked what Forbes referred to as a "years-long saga between the rapper and Forbes."
According to the publication, West always felt that his net worth and reported numbers just did not add up. When he first made the billionaire list in 2020, clocking in at $1 billion, the rapper commented, “It’s not a billion,” he wrote in a text message to Forbes officials. “It’s $3.3 billion since no one at Forbes knows how to count.”
This behavior continued in a pattern in which West consistently denied the accuracy of the business publication's reported numbers. The source also reported that "Ye sent documents claiming his Adidas partnership alone was worth $4.3 billion, and upon learning that the deal was only worth $2 billion, he made his unhappiness known to the tabloids."
Adidas, Gap, Footlocker cut ties and count their losses
Upon cutting ties with the rapper on Tuesday, leading to the large drop in his net worth, Adidas released a statement on his remarks, saying: “Adidas does not tolerate antisemitism and any other sort of hate speech.
"[West]’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.”
Though his partnership with Gap, Yeezy Gap, ended in September, the company was still selling the remaining stock from the collection throughout October. However, on Tuesday night, the company removed the items from their stores, both online and in-store.
In addition to pulling remaining merchandise from Gap stores, the brand has also shut down YeezyGap.com to further its efforts. “Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy Gap products from our stores,” the retailer said in a statement released on Tuesday.
“It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”Kanye West, in text messages sent to Forbes
Global shoe retailer Foot Locker also pulled all Yeezy products from shelves both digital and in-store prior to Adidas cutting ties. A spokesperson from the company stated that while they are “a partner with Adidas and carry a wide assortment of their collections – we will not be supporting any future Yeezy product drops, and we have instructed our retail operators to pull any existing product from our shelves and digital sites.”