Summary
*This summary was initially generated by AI but is modifiable by users
Background and Initial Statements
The article, published by Forbes on October 25, 2022, discusses how rapper and fashion entrepreneur
Kanye West (legally known as "Ye") lost his billionaire status following antisemitic statements. Ye had publicly challenged Adidas to drop him after making antisemitic remarks on social media and in interviews, including stating on the
Drink Champs podcast that
"I can say antisemitic s—- and Adidas cannot drop me".
The Adidas Partnership
Prior to
termination, Ye's partnership with Adidas dated back to 2013 and involved his Yeezy line of sneakers. This partnership represented:- An estimated 4-8% of Adidas's total sales- Approximately $1.5 billion of Ye's personal net worth- A significant portion of his billionaire status as calculated by Forbes
Mounting Pressure on Adidas
The article describes escalating pressure on Adidas to sever ties with Ye:-
Initial antisemitic remarks led to Twitter and Instagram restricting his accounts- Adidas initially stated on October 6 that the partnership was "under review"- Pressure intensified after an incident in Los Angeles where white supremacists displayed a banner reading "Kanye was right about the Jews" while giving Nazi salutes- Thousands of social media users called for Adidas to end the relationship
Adidas's Decision
On October 25, 2022, Adidas announced the termination of their partnership with Ye:- The company stated it "does not tolerate antisemitism and any other sort of hate speech"- They called Ye's comments "unacceptable, hateful and dangerous"- Adidas immediately ended production of Yeezy branded products- All payments to Ye and his companies were stopped
Financial Impact
The termination had significant financial consequences:- Ye's net worth dropped to approximately $400 million, removing him from Forbes' billionaire list- His remaining assets included real estate, cash, his music catalog, and a 5% stake in Skims- The Adidas deal alone had been valued at $1.5 billion based on annual earnings
Other Business Relationships
The article notes that multiple companies ended relationships with Ye around this time:- Gap terminated its Yeezy partnership in September 2022- JPMorgan reportedly ended their banking relationship- Balenciaga ended their fashion partnership on October 21- Production company MRC shelved a completed documentary- Talent agency CAA dropped him as a client
Ye's History with Forbes
The article mentions Ye's ongoing disagreements with Forbes about his net worth:- When first listed as a billionaire in 2020, Ye claimed Forbes undervalued him- He repeatedly disputed Forbes' valuations in subsequent years- For 2022, he had submitted documents claiming the Adidas partnership alone was worth $4.3 billionThe article concludes by noting Ye's first post on Parler, the right-wing social media platform he had agreed to acquire, which quoted Romans 8:31: "What then shall we say to these things? If God is for us, who can be against us?"*There may be errors on this page.
