Kanye West’s billionaire status may be a thing of the past.
“adidas does not tolerate antisemitism 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. 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 statement read.
Does Kanye West Still Have Ownership?
What’s more, West will not be able to profit from his Yeezy designs as they also added “adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.”
The departure from adidas was the last domino to fall in West’s lineup of major partnerships. Forbes reports adidas had earned between four to eight percent of its sales from the Yeezy brand. The venture proved to be quite lucrative for the major retailer and Ye, as $1.5 billion of his net worth was tied back to adidas.
Kanye West's Net Worth Revealed
Now, West’s net worth has fallen to an estimated $400 million, according to Forbes.
There is still no official word from West about his exit from adidas or his estimated fortune, as of this writing.
Is There Still Hope For West?
While it’s all speculation, there is chatter suggesting the continued disproval and removal by major corporations could all be a part of West’s plans.
During a Twitter Space hosted by Bloomberg Opinion, columnist Ben Schott shared what he believes could still be a favorable outcome for West and give him the upper hand amidst his losses.
“I’m really more interested in whether this test case for Kanye means that he becomes, as I posited, you know, well one man Supreme and sort of takes this brand further by himself. Cause if he does, he does that successfully, not unlike Elon Musk, then this creates a new pathway for very successful, rich, creative people to platter and farrow independent of this established existing legacy brands,” Schott said.