Following a weeks-long onslaught of antisemitic remarks made on social media and in national media appearances, the rapper-cum-fashionentrepreneur, West, challenged Adidas to drop him.
According to the rapper who legally now goes by the nameYe, Adidas can't drop him due to his antisemitic views. He thought he was unbeatable because he had worked with Adidas on his sneakers. According to the investment bank, adidas gets 4% to 8% of its sales from the products. It was an even bigger deal for Ye because of his net worth.
The German athletic wear company, with its own Nazi ties, is in the hot seat. As his string of antisemitic remarks drew condemnation from the top tiers of Hollywood, Adidas was under increasing pressure to cut ties with Ye. On October 6th, Adidas said that their partnership with Ye was being reviewed.
The pressure increased on Adidas after an image was released over the weekend of a banner draped over a Los Angeles highway overpass with a group of white supremacists giving the Nazi salute to the drivers below. The white supremacists were apparently referring to Ye's death con 3 on Jewish people, which got his account locked, and other antisemitic remarks, which got him blocked on social media.
Adidas ended its relationship on Tuesday, October 25. It will cost them a lot, but it will also knock him out of the billionaires' ranks.
Antisemitism and hate speech are not accepted by adidas. The company said that Ye's recent comments and actions violate the company's values of diversity and inclusion. The company decided to end the partnership with Ye and stop payments to him and his companies after a thorough review. The Adidas business will be stopped immediately.
Ye isn't a billionaire anymore.
It caps a stunning downfall for one of the most volatile and bold people to have graced the pages of Forbes. Ye did not reply.
A multiple of annual earnings was used to calculate the value of the Adidas deal. Forbes looked at the royalties Ye received from Adidas to be like those from music catalogs or film residuals. Dozens of musicians have sold off their life's work over the past two years, just like Adidas could, according to experts.
Ye is worth $400 million without adidas. Forbes estimates that the rest of Ye's fortune is made up of real estate, cash, his music catalog, and a 5% stake in Skims. Skims hasn't been involved with the brand since its launch, according to a source.
The saga between the rapper and Forbes came to an end when Ye was removed from the billionaires list. He felt his net worth was low. Ye wasn't happy when he first made the list. He said it was not a billion. Nobody at Forbes knows how to count.
Ye kept complaining about our low numbers. Ye claimed his partnership with Adidas was worth $4.3 billion. Ye was unhappy with Forbes when he found out he would make $2 billion.
Ye lost Adidas, which was the last nail in his net-worth coffin. In September, Gap ended its partnership with Yeezy. It was reported earlier this month that JP Morgan unbanked Ye. Just weeks after Ye walked their runway at Paris Fashion Week, he was dumped by the French fashion house.
Since Ye started his antisemitic rants, the stock price of Adidas has plummeted.
YchartsMRC said it wouldn't air a documentary on Ye and the talent agency that signed him.
When news of their collaboration was announced, the two had been in partnership for a long time. In the decade since, Ye has been at odds with many people, including Taylor Swift, Universal Music Group, and Pete Davidson.
The road has come to an end. There is a chance that Ye could launch his own brand. Ye made his first post to Parler five days ago after getting locked out of social media. Romans 8: 31 was quoted by him.
We should say to these things. Who can be against us if God is for us.
Lauren Debter reports additional reports.
All Rights Reserved © 2024
