Kanye West has paid the price for his anti-Semitic scandal… literally. And Adidas cut ties with West, ending their partnership. The company’s decision comes in the wake of an overwhelming backlash that saw other brands drop the fashion designer/rapper as well.
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As a result, Kanye has lost his billionaire status. Get the details on what happened. And learn how social media reacted below.
Kanye West – Ranks As Billionaire No More!
Because of his anti-Semitic remarks, Kanye West has faced increasing pressure to apologize. But instead, Ye (as he’s also known) has refused. As a result, brands and individuals associated with the fashion designer/rapper have rapidly cut their ties.
And when Adidas dropped West, the company reversed Ye’s billionaire status. However, experts noted that Adidas alone did not account for Ye’s change in fortune. But that financial loss coupled with others meant the end of West enjoying his billionaire club membership, according to Forbes via TMZ.
Forbes pointed to Kanye also losing his deal with the Gap as causing some of Ye’s financial drain. As a result, West’s worth now totals near $400 million. And that number contrasts dramatically with the fashion designer/rapper’s estimated net worth two years ago at $1.3 billion.
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Kanye West – Faces Huge Loss After Adidas Wipes Out Income
However, Adidas also reported a hit to its bank account. And the company estimated it will lose about a quarter of a billion dollars in net profits in the fourth quarter. That loss results from dropping Kanye and his famous shoe designs.
But while Adidas will move on, Kanye faces a severe reduction of income. And his estimated income sources now consist of real estate, his music, and a very small (under five percent) stake in his ex wife Kim Kardashian’s Skims brand. But not everyone agrees on exactly how much West owns. And he has battled with Forbes over his claims that he’s worth more than they report.
However, social media focused on what Adidas’ decision represents. And many recalled how Kanye boasted that the company would never drop him. But others questioned why it took Adidas so long to finally cut its ties with West.
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Twitter Reacts To Adidas Dropping Kanye West
For instance, some hoped that the delay between Ye’s anti-Semitic remarks and Adidas’ decision represented the company looking at its contracts with lawyers. “I’m going to hope for their sake it took 10 days for Adidas to fire him because of an extensive contract they had to go over with a fine toothed comb and a microscope,” noted one follower. But many felt that Adidas acted only when Kanye’s comments impacted the company’s stock price.
For example, one Twitter user posted, “Deeply hilarious @adidas grandstanded about taking a financial hit by terminating their partnership with Kanye West. Take a look at what happened to the company’s stock prices this week,” suggested the critic. And the Twitter commentator then pointed to “the rebound that happened immediately after this morning’s announcement.”
Tell us what you think. How do you react to Adidas’ decision to cut its ties with Kanye West in the wake of his anti-Semitic comments? And after you share your views, check back on our site for more celebrity news.
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