Forbes claims that the 'Famous' rapper is no longer billionaire as his net worth takes a major hit and is 'obliterated' following the news that Adidas had terminated their partnership.
- Oct 26, 2022
AceShowbiz - Kanye West reportedly lost a huge fortune after Adidas decided to cut ties with him amid his anti-Semitic scandal. According to a new report published by Forbes, the rapper is no longer billionaire as his net worth took a major hit and was "obliterated" following the news that Adidas had terminated their partnership.
The business magazine claimed in the Tuesday, October 25 report that experts calculate that Ye's current net worth has been brought down to $400 million after losing the deal, which was estimated at $1.5 billion, with the world-renowned athletic wear company. The report added that the Yeezy designer's remaining assets that make up the $400 million net worth are comprised of his extensive music catalog, liquidity in the form of cash, non-liquid real estate and a reported 5 percent share of Kim Kardashian's SKIMS brand.
In other news, it was said that Gap and Foot Locker had taken actions in response to Ye's controversial anti-Semitic comments. The two companies announced in their respective statements that they're planning to remove Yeezy products from their stores.
"Foot Locker, Inc. does not tolerate any form of antisemitism, or hateful and discriminatory behavior," the company wrote in a statement on Tuesday. "While we remain 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 sales."
Gap also announced on the same day that it is pulling the rapper's Yeezy Gap line of merchandise from its stores and has shut down YeezyGap.com. "Our former partner's recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy Gap product from our stores," the retailer shared. "Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values. On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination."
In addition, Gap revealed that its Yeezy Gap partnership ended in September.
In recent days, a slew of brands announced that they refused to work with Ye after he previously threatened to go "Defcon 3" on Jewish people. Among them are Vogue, Balenciaga and Adidas.
