As German sportswear brand, Adidas severed the partnership with the rapper; his assets declined, pushing him out of the prestigious Forbes billionaires’ list.
On Tuesday, Adidas officially concluded things with Kanye after a series of anti-Semitic outbursts by the controversial rapper.
According to Forbes, after the $1.5 billion value of the Adidas deal was calculated off West’s earnings, the rapper no longer had a place on its billionaires’ list.
West was associated with rival sportswear company Nike for years but broke away in 2013, lending his name to Adidas as they launched their first Yeezy shoe together in 2015 – a partnership that made him a billionaire.
But following the end of the partnership, Ye, as he is now formally called, will have to depend on real estate and his music catalog for his earnings.
Forbes report read, “Without Adidas, Ye is worth $400 million. The remainder of Ye’s fortune, Forbes estimates, comes from real estate, cash, his music catalog, and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims. (A source close to Skims told Forbes Ye hasn’t been involved with the brand since its 2019 launch).”
Adidas also had its share of losses as it fell sharply on the Frankfurt Stock Exchange following its announcement, with shares down almost eight percent at 95.88 euros in afternoon trading.
Source: punch.ng
#Adidas
#Kanye West
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