Kanye West used to be the wealthiest musician in the world through brand endorsements and record-breaking albums. However, Adidas and other companies severed ties with the rapper after his antisemitic remarks. Thus, Kanye is no longer a billionaire.
Kanye achieved his riches and wealth through brand endorsements and his own clothing line called “Yeezy”. Kanye’s association with Adidas was worth billions, which increased his earnings manifold. But after Adidas severed its ties, Kanye again became a millionaire, i.e., his net worth of $2 billion got reduced to $400 million.
Ye, another name for West, reiterated on the Drink Champs podcast that he "can say antisemitic s**t and Adidas cannot drop me" after saying on Twitter that he would "go death con 3 on Jewish people." Adidas has stated in a statement that they "do not tolerate any form of hate speech, including antisemitism." Their business relationship with Kanye West's brand Yeezy was thought to be worth billions, making it one of West's main revenue streams.
Did Adidas make Kanye a billionaire?
West was no longer a billionaire, according to Forbes Magazine, after Adidas severed its relationship with the rapper. Ye had been collaborating with Adidas since 2013, with his brand Yeezy accounting for 4% to 8% of the company's sales.
According to Forbes Magazine, West's contract with Adidas, which was terminated, was worth $1.5 billion of his total earnings; as a result, West is no longer listed among the world's billionaires on their list. Some reports claim that Kanye was worth a staggering $46.6 billion before making his racist comments and losing deals left and right.
What was the statement that Adidas released?
Adidas had put their collaboration on hold after West wore a White Lives Matter shirt during Paris Fashion Week, but the German sportswear behemoth took a long time to condemn his antisemitic remarks.
Adidas issued a statement on Tuesday, October 25, in which they stated: "Adidas does not tolerate antisemitism or any other form of hate speech. The company's values of diversity and inclusion, mutual respect, and fairness are violated by Ye's recent comments and actions, which are unacceptable, dangerous, and filled with hatred.” They also said that they would stop producing goods under West's Yeezy brand and take a "short-term" loss of €250 million.
Adidas has faced criticism over how long it took them to respond to West's remarks. Adidas’ Director of Trade Marketing Sarah Camhi wrote on LinkedIn: "It's been 14 days since Kanye started spewing anti-Semitic rhetoric and Adidas has remained quiet."
Camhi continued, "I can no longer remain silent as a member of the Jewish community. Not saying anything is saying everything."
What is the net worth of Kanye West?
According to a Forbes estimate, Ye has a net worth of $400 million without the Adidas deal thanks to his estates, music library, and a 5% ownership stake in Kim Kardashian's Skims shapewear company.
Ye has been delisted from Forbes' list of billionaires, and the publication notes that the rapper has consistently refuted claims about his wealth. He allegedly texted the publication saying "It's not a billion" and "It's $3.3 billion since no one at Forbes knows how to count" in 2020, the year he was first included on the list with a net worth of $1 billion.
Since then, it appears that this has occurred every year, and the rapper has complained that Forbes is underestimating his wealth. However, Forbes is a reliable source when it comes to net worth estimation. Thus, the amount of $2 billion and the reduction to $400 million are considered the most reliable ones, regardless of Kanye's net worth being surfaced through a myriad of sources.
FAQs
Q. Which brands severed their ties with Kanye?
A. Several companies severed ties with the rapper in October 2022, including Balenciaga, Vogue, Adidas, and Gap.
Q. What is Kanye’s financial growth in one line?
A. From making $5,000 for a beat for Jermaine Dupri to millions for his own tours, to enormous sums in the billions for his Yeezy clothing line, Kanye West has made a lot of money.
Q. How much did Kanye make from Adidas?
A. According to Forbes, West's annual revenue from his Yeezy collaboration with Adidas could have reached $220 million.
Q. Can Kanye sue Adidas?
A. To put it simply, anyone can file a lawsuit against anyone. However, it's a different matter entirely when a lawsuit is successful and not dismissed. West probably doesn't have a strong case to sue Adidas because, in addition to being antisemitic, he also made derogatory comments about the business in public, which would likely violate their contract.
