Kanye West has become the new poster boy for antisemitism, and its costing him. According to Forbes, the rapper’s net worth has plummeted to $400 million and he’s been kicked off Forbes billionaire roundup.
If you aren’t caught up on the West drama, here’s what happened: the designed dared Adidas to terminate their contract with him after he made many controversial, antisemitic comments on social media and national TV.
“I can say antisemitic s**t and Adidas cannot drop me,” West recently said on Drink Champs.
The Chicago native has worked with the brand for almost a decade, as they partnered up to bring Yeezy to the masses. His deal with the athletic wear company was massive, and accounted for a massive portion of his net worth ($1.5 billion, to be exact).
West’s public dare put Adidas in a tough spot. The German company, which has ties to the Nazis by way of their founders, tried to keep quiet and ride out the Kanye storm, only sharing an ambiguous statement on Oct. 6 that their partnership with the rapper was “under review.”
But that wasn’t enough for the internet, and pressure on the athletic wear company multiplied. And that pressure boiled over after an image of a banner that read “Kanye was right about the Jews” was released over the weekend. The banner was hung over a Los Angeles highway and the snap of it included a group of white supremacists giving the Nazi salute.
As Twitter, Instagram and other platforms locked West’s accounts, and other lucrative deals of the rapper were severed, the internet was looking at Adidas to make a move. They did so on Oct. 25, saying that their partnership with West is officially over.
“Adidas does not tolerate anti-Semitism 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,” they said in a press release. “After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”
The move required Adidas to take a major hit financially. According to Bloomberg, the company will likely face a $247 million dollar hit thanks to the fall out.
West’s fortune is taking a hit too. As aforementioned, the termination has dropped his net worth to $400 million and kicked him off of Forbes’ billionaires list. Losing his Adidas partnership, as well as those with Gap and Balenciaga, may seriously cost West financially and professionally in the short and long term.