Kanye West has been dropped from Forbes’ list of the world’s richest billionaires after Adidas cut ties with him over his anti-Semitic comments on social media.

The artist, who legally changed his name to Ye and was ranked 1,513 on the Forbes Rich List earlier this year, has inked a multi-year deal to develop his Yeezy sneaker brand for the German sportswear company.

However, the company announced on Tuesday that it would stop production of Yeezy-branded products and stop all payments to him and his companies with “immediate effect” due to the artist’s “unacceptable, hateful and dangerous” hate speech.

Profitable rapper’s contract with Adidas was $1.5 billion (£1.3 billion) of his net worth, according to Forbes.

“If it doesn’t exist, Ye is no longer a billionaire,” writes the American business magazine.

“It completes the stunning, self-sacrificial downfall of one of the most brash and volatile personalities to grace the pages of Forbes.”

Forbes estimates West’s current net worth to be around $400m (£346m) – down from $2bn (£1.7bn).

“The loss of Adidas is the final nail in the coffin of E,” Forbes said, adding, “Now the road is over.”

Spotify joins in the condemnation

Spotify has become the latest company to publicly criticize West’s remarks, but the music streaming platform will not take action against him.

The company’s CEO Daniel Ek said the artist’s comments were “simply horrible comments” that would have warranted West’s removal from Spotify for violating its anti-hate policy if they had been made in a podcast or recording.

Since the comments were made on social media, the company said Spotify only removes the rapper’s music at the request of his label.

Kanye West’s anti-Semitism: What the rapper said and how people reacted

Earlier this month, Ye tweeted that he was “deceiving Jews to death” before claiming he was not “anti-Semitic because black people are actually Jews too.”

Since then, the West has seen its own Instagram and Twitter accounts are limitedthe end of his banking relationship with JP Morgantermination of his cooperation with Balenciaga fashion houseand completed documentary about him was postponed – and the list of corporations that condemn his words continues to grow.

Kim Kardashian. Photo: AP

In an indirect tweet to her ex-husband on Monday, Kim Kardashian wrote: “Hate speech is never normal and can never be justified. I stand with the Jewish community and call for an immediate end to the horrific violence and hateful rhetoric directed at them.”

Antonio Brown speaks with the West

Despite the backlash, the American football player Antonio Brownpresident of West’s Donda Sports brand management agency, released a statement on Twitter declaring his “support” for the rapper, whom he considers his “brother,” and was disdainful for organizations cutting ties with the artist.

“Over the past few weeks, the world’s reactionary and selective outrage over my brother Ye’s comments in the media has ignited and sparked intense conversation and reflection.

“I was also able to reflect on statements made by myself and others in my circle that lacked clarity in expressing my position.

“People and brands that have relentlessly cashed in on black ideas and black culture decided to distance themselves at a very specific time: a time that demonstrated their prioritization of certain groups over others.

“None of us in this world is free from judgment, but we live in a time where control and pessimism turn our cultural dialogues into offensive statements.”

Brown added that he maintains his “commitment to freedom of speech, thought and opinion” and that diversity of thought “promotes humanity.”

However, he said: “Let me be clear, discrimination of any kind is an injustice to all people, which is why I want to make this statement.”

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Brown said he would remain president of Donda Sports and ended his statement by saying, “I still stand by the humanity that is Ye.”

Sky News has contacted West’s representatives for comment.