Kanye West has lost his place on the Forbes list of billionaires after Adidas ended its partnership with the rapper.

The amount of the contract with the German sportswear company was about 1.5 billion dollars, according to the American business magazine.

Adidas faced pressure to cut ties with West, who legally changed his name to Ye, because of his anti-Semitic comments on social media.

In a statement on Tuesday, the company condemned the rapper’s comments as “unacceptable, hateful and dangerous.”

Earlier this year, West ranked 1,513 on the Forbes Rich List, valued at $2 billion thanks to his lucrative fashion brands and a multi-year contract to design the Yeezy sneaker brand for Adidas.

After the partnership ended, Forbes estimated his worth at $400 million – thanks to “real estate, cash, his music catalog and a 5 percent stake in ex-wife Kim Kardashian’s dress fitting firm Skims.”

The magazine added that West’s removal from the list ended a “year-long saga” in which the rapper claimed his net worth was “underestimated”, once saying that “no one at Forbes knows how to count”.

On Tuesday, Adidas said it was discontinuing Yeezy-branded products made in collaboration with West, with “immediate effect.”

According to an American business magazine (Seth Wenig / AP), the contract with the German sportswear company was worth about 1.5 billion dollars.

The company said in a statement: “Adidas does not tolerate anti-Semitism or any other form of hatred.

“Ye’s recent comments and actions were unacceptable, hateful and dangerous and violate the company’s values ​​of diversity and inclusion, mutual respect and fairness.

“After careful consideration, the company has decided to immediately terminate its partnership with Ye, cease production of Yeezy-branded products, and cease all payments to Ye and his companies. Adidas will cease the Adidas Yeezy business immediately.”

Adidas said it expects the decision to have a “short-term negative impact of up to 250 million euros on the company’s net income in 2022, given the high seasonality of the fourth quarter.”

Kanye West has lost his spot on Forbes’ billionaires list after Adidas ended its partnership with the rapper (Ashley Landis/AP)

The company added that it remains “the sole owner of all design rights to existing products, as well as previous and new colors within the partnership.”

This comes after a completed documentary about West was shelved and talent agency CAA dropped him due to his comments.

Fashion house Balenciaga also reportedly severed ties with Ye last week.

Earlier this month, West was criticized for wearing a “White Lives Matter” t-shirt to show his latest collection at Paris Fashion Week.

In the past few days, his ex-wife Kim Kardashian and members of her family have called for an end to the “horrific violence and hateful rhetoric” against the Jewish community.

It came after protesters in Los Angeles on Sunday unfurled banners on an overpass praising West following his anti-Semitic public statements.

Spotify CEO Daniel Eck also told Reuters news agency that West’s comments were “horrible” but that his music would remain on the platform.

Ek added that the rapper’s label, Universal Music’s Def Jam imprint, will make the decision to remove the content if they are forced to do so.

Spotify has been contacted for comment.



https://www.breakingnews.ie/entertainment/kanye-west-drops-off-forbes-billionaires-list-following-adidas-partnership-loss-1382812.html

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