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Kanye West has had a rough go over it the last week. After tweeting that he was going to go “death con 3” on the Jews, his whole livelihood began to fall apart. The most recent installment in the “who's dropping Kanye today” series is Forbes, who officially kicked him off their billionaire roundup.
According to Forbes, Wests's net worth has dropped to $400 million thanks to the controversy. His drastic change in net worth led to him losing his spot on Forbes' billionaire roundup list.
Forbes is just one of many companies and individuals who have cut ties with the rapper over his antisemitic comments.
Adidas is the most recent. After being publicly taunted by West, they were put in a tough spot and had to act decisively.
On an episode of the Drink Champs podcast, Kanye claimed that “I can say antisemitic s*** and Adidas cannot drop me.”
The rapper had worked with Adidas for over a decade, and they were the ones who made it possible for Yeezy's to be distributed to the masses.
Kanye's partnership with Adidas accounted for a huge chunk of his net worth, approximately $1.5 billion.
As a result of this comment, Adidas was put under pressure from consumers as well as advocates to sever ties with the rapper.
The Final Nail
Adidas attempted to stay quiet and ride out the controversy, but the public wasn't having it. Pressure on the company worsened after a banner was strung over a highway in Los Angeles that read, “Kanye was right about the Jews.”
The photo of the banner featured a group of white supremacists giving the Nazi salute, which made tension over the situation boil over.
Twitter, Instagram, and other platforms were quick to react and locked West's accounts. After other brands came forward and publicly cut ties with the rapper, Adidas made their move.
On October 25th, the sportswear brand put out its statement regarding its relationship with West.
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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 caused Adidas to take a significant financial hit. The company will likely face a $247 million loss thanks to the severance of West's contract.
Adidas's fortune is not the only one affected. As mentioned above, West's net worth took a plunge after Adidas dropped him, getting him kicked off the Forbes billionaires list. Kanye's net worth now sits at around $400 million.
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This article was produced and syndicated by Max My Money.
As a certified credit counselor and syndicated writer at MaxMyMoney, Max has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.