Adidas cancels $250 mln contract with Kanye West over anti-Semitic remarks

Kanye West attends the in-store signing of his new release 'Graduation' at the Virgin Megastore Hollywood & Highland in Hollywood, California on Sept. 13, 2007. (Photo: Tinseltown/Shutterstock)

According to Forbes, Kanye West's net worth has dropped from $2 billion to $400 million since Adidas ended its "Yeezy" brand partnership with the rapper on Tuesday.

In a podcast interview earlier this month, West—now known as "Ye"—bragged that "Adidas cannot drop me."

According to Forbes, his deal with Adidas contributed $1.5 billion to his net worth, with Yeezy products accounting for 4% to 8% of Adidas's sales.

"Antisemitism and other forms of hate speech are not tolerated by Adidas." "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," according to a statement from the company.

"Following a thorough review, the company has decided to immediately terminate the partnership with Ye, cease production of Yeezy branded products, and cease all payments to Ye and his companies." "Adidas will discontinue the Adidas Yeezy business immediately," the statement continued.

Because of his offensive outbursts, West's Twitter and Instagram accounts have been restricted, and his anti-Semitic posts have been removed. Several other companies have severed ties with West as a result of the controversy.

Publish : 2022-10-26 08:41:00

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