Kanye West Reportedly Keeping Quiet After Losing a Whopping $1.5 Billion, Pointless Offensive Rants Cause Multiple Brands To Back Out From Deals
It is no secret that Kanye West has had conflicting views and released controversial statements on sensitive subjects in the past. But now, due to the Adidas-Kanye West terminated partnership, the rapper has kept a relatively low profile—a decision which reportedly left a $1.5 billion dent in his net worth.
The Forbes list shows that Kanye West is no longer a billionaire. Forbes reported on Oct. 25 that Adidas dropped the rapper for his string of antisemitic remarks. After that, the rapper-turned-fashion designer lost his spot on the Forbes billionaire list.
However, his hateful rhetoric over the last few weeks makes him feel the effects. He has kept quiet after this substantial financial and reputable loss.
Is Kanye West Preparing for The Next Step?
Several Jewish rights organizations condemned Kanye West‘s recent controversial statements, leading Adidas to end its relationship with the Donda rapper. Deep down, West knows the breakup of this partnership affected his finances somehow. However, he does not appear to respond to these headlines.
He seems to be preparing for the next step over this news spread, which will surprise his fans and other celebrities. However, Kanye West has also been restricted from using Instagram and Twitter due to his online feud on sensitive issues.
Multiple Brands Cancel Deals Due to Kanye West’s Offensive Rants
Kanye West’s empire collapsed quickly after his controversial Yeezy show at Paris Fashion Week on Oct. 3, when he wore a “White Lives Matter” t-shirt and showed his rash behavior over this issue. His increasingly vitriolic rants on social media culminated in anti-Semitic remarks, and he was restricted from Instagram and Twitter after targeting Jewish People. In addition, West accused “Jewish media” and “Jewish Zionists” of profiting from Black people in the music industry.
Since then, much of the business world has abandoned the rapper. Several companies have cut ties with West, including banking giant JPMorgan Chase, French fashion house Balenciaga, talent agency CAA, and Anna Wintour (editor-in-chief of Vogue).
In addition, West hired Camille Vasquez to handle his business matters as soon as he got into trouble. Still, due to social pressure and not supporting his antisemitism, the lawyer also refused to work for him.
A Twitter handle, Pop Crave, tweeted yesterday after Adidas served ties with West:
Aftermath of Kanye West’s antisemitic comments:
Adidas cut ties
Balenciaga cut ties
Vogue and Anna Wintour cut ties
Dropped by talent agency, CAA
Dropped by lawyer
Streams, sales & airplay plummeted
Restricted from Instagram & Twitter
Stadium shows cancelled
Documentary shelved pic.twitter.com/D1UiaAG3e9— Pop Crave (@PopCrave) October 25, 2022
There have been many mixed reactions to PopCrave’s tweet. Let’s see what fans think:
He was trying to get out of Adidas for a while. I guarantee this was all part of the plan. He no longer has any obligations to anyone other than himself as far as his talent goes. He's a free agent now, and he didn't have to pay any penalties.
— Cyril Sneer (@Jacquie_Daytona) October 25, 2022
It’s refreshing to finally see cancelling happening for real not just on Twitter
— a Church Girl (@church_hive) October 25, 2022
I'm glad people are responding to Kanye's antisemitic comments. However, I wish people would have responded to his anti-Black comments in a similar manner. He's been pedaling tropes of white supremacy and digging his fingers in the wounds of Black existence with zero pushback. pic.twitter.com/JYVqPgHfSB
— Tonia Adams (@73Teatime) October 26, 2022
What do you think about democracy and freedom of speech? Why don't people have the right to express their opinions in a country that claims freedom of speech?
— کوثر چرخی🇮🇷 (@kosar_charkhy) October 25, 2022
https://twitter.com/Kidfromqueens1/status/1584874052492984322
After Gap and Balenciaga dropped him, the rapper West shrugged it off. In response to reporters’ questions about Balenciaga cutting ties with Yeezy after his anti-Semitic rants, West said, “I haven’t lost any money. They never paid me anything.”
Besides his real estate portfolio, music catalog, and 5% stake in Kim Kardashian’s shapewear firm, Skims, the remainder of West’s wealth is in cash and stock worth around $122 million.
It Got Worse for Kanye West Financially
Bloomberg reported that UBS Group valued the Yeezy business alone in 2021 at between $3.2 billion and $4.7 billion. In addition, the Bank of America estimated in 2019 that Yeezy would earn $1.75 billion to $3 billion from his collaboration with Adidas.
As a result of Adidas’ termination of its partnership with Yeezy on Oct. 25, the Yeezy brand has little remaining income and a bleak future. Although Yeezy may try to partner with other fashion houses and resume collecting royalties, few clients may be willing to work with the toxic Ye brand. Despite his efforts to be included on Bloomberg and Forbes billionaire lists in recent years, the news likely won’t sit well with the rapper.
During his first appearance on Forbes’ list in 2020 with an estimated $1 billion fortune, West reportedly texted the publication to say, “it’s not a billion,” adding, “It’s $3.3 billion since no one at Forbes knows how to count.” However, it appears that Forbes gave West the accurate count, and there is nothing he can say in the current situation.
Source: FORTUNE
