Kanye West, who now legally goes by Ye, is reportedly no longer a part of the billionaire club after Adidas officially cut ties with the music and fashion mogul following his anti-Semitic remarks.
Forbes made the announcement Tuesday after Adidas broke its silence and ended its relationship with the Yeezy creator.
As a result, the move knocked Ye out of the billionaire ranks, noting that $1.5 billion of his net worth was attributed to the deal with the sportswear brand. And while the Adidas deal alone may not have been the sole reason the multi-hyphenated artist’s net worth plummeted, Forbes reports it erased a massive chuck of his wealth and losing the deal was the “final nail in the coffin.”
Now the rapper’s net worth is now estimated to be around $400 million, with the remainder of his fortune coming from real estate, cash, his music catalog, and a 5% stake in Kim Kardashian‘s Skims brand, Forbes reports.
Tuesday morning, Adidas announced it was ending its relationship with Ye following escalating pressure from business leaders and celebrities after the rapper continuously made anti-Semitic remarks on social media and in media appearances that followed.
“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,” the company declared 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.”
