Many businesses that have deals with Kanye West have dropped the rapper this week for his many controversial remarks—ultimately getting him removed from Forbes billionaires’ list.
Key Details
- Kanye West has been getting attention recently as he has been making anti-semitic remarks on social media.
- West is known to be controversial on social media, but his latest posts have cost him many business deals and brand sponsorships ultimately leading to him being removed from Forbes billionaires’ list.
- The major tie cut was with German sportswear company Adidas that amounted to around $1.5 billion of the music star’s wealth.
Why it’s news
West started this week as a billionaire and is ending it with a networth of around $400 million after many businesses have cut ties with the rapper.
West has officially lost his spot on Forbes billionaires’ list after many businesses have stopped partnerships with him due to his actions on social media.
His contract with Adidas was terminated on Tuesday marking his biggest loss. His contract with Adidas to produce his Yeezy branded shoes was worth around $1.5 billion.
The termination of the deal has been a long time coming as West has been posting various remarks to his social media pages over the last few months.
“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,” Adidas said on Tuesday.
The company went on to say that it was immediately cutting ties with West and will end production of all Yeezy-branded products.
After Adidas ended its partnership with West, Forbes estimated his value to be $400 million. His remaining wealth comes from “real estate, cash, his music catalog, and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims” according to Forbes.
Others ending partnerships
Adidas isn’t the only company cutting off West after his hateful social media comments.
Balenciaga, CAA talent agency, Footlocker, JPMorgan Chase Bank, and others have all recently decided to end relationships with West.