Rapper Kanye West, who goes by Ye, attended a game between the Minnesota Timberwolves and the Miami Heat on March 12 at FTX Arena in Miami, Florida. Represent: Issac Baldizon/NBAE via Getty Images
With the lack of his Yeezy deal with Adidas, Ye has been knocked out of the billionaire ranks, according to media experiences.
Why it matters: Adidas is the latest company in fresh days to tumble the artist, formerly known as Kanye West, facing mounting strain after he made a couple of antisemitic feedback.
By the numbers: Forbes, who integrated Ye on its billionaires’ list since 2020, estimates his Yeezy deal with Adidas was value $1.5 billion of his glean value.
The Yeezy enterprise earned more than $500 million in total royalty payments and marketing costs over the first four full years of the Adidas deal via 2020, Bloomberg experiences.Yes, however: Without Adidas, Ye’s estimated value drops to $400 million, per Forbes.
Adidas stops Yeezy businessWhat’s happening: Adidas said it does not tolerate antisemitism or hate speech and that “Ye’s fresh feedback and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of range and inclusion, mutual appreciate and fairness.”
The company said it has terminated the relationship with Ye immediately, ending manufacturing of “Yeezy branded products and halt all payments to Ye and his companies.”Gap shuts down its Yeezy on-line storeMeanwhile, Gap said Tuesday or not it’s taking “immediate steps to take away Yeezy Gap product from our shops and we have shut down YeezyGap.com.”
Flashback: Gap announced the hand over to its Yeezy Gap partnership in September.
What they’re saying: “Our extinct partner’s fresh remarks and behavior further underscore why,” Gap said in a statement.
“Antisemitism, racism and hate in any originate are inexcusable and not tolerated in accordance with our values,” Gap said. “On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination.”Foot Locker pulls Yeezy shoesFoot Locker has pulled Yeezy footwear from its sales floors and on-line store, FootwearNews.com experiences.
What they’re saying: “Whereas we remain a partner with Adidas and carry a broad assortment of their collections — we’re going to not be supporting any future Yeezy product drops, and we have suggested our retail operators to drag any existing product from our cabinets and digital web sites,” Foot Locker said in a statement to FootwearNews.com.
Editor’s note: This memoir has been updated with additional details.
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