Kanye West is no longer included on the Forbes billionaires list following the loss of his Adidas partnership.
After Adidas ended its partnership with the rapper, Kanye West is no longer on the Forbes billionaires’ list. According to US business magazine, the contract with the German sportswear company accounted for around 1.5 billion dollars (£1.3 billion). Because of Ye’s antisemitic remarks on social media, Adidas has faced pressure to cut ties with him. In a remark on Tuesday, the company criticized the rapper’s comments as inappropriate, hostile, and harmful.
Adidas announced on Tuesday that it would be ending production of Yeezy-branded products, produced in collaboration with West, effective immediately.
In a statement, the company said: “Adidas is committed to promoting diversity and inclusion and does not tolerate antisemitism or any other form of hate speech.”
Adidas said they have made the decision to terminate their partnership with Ye immediately. This is in response to his recent comments and actions, which violate Adidas company values of diversity and inclusion, mutual respect, and fairness. And they will stop the production of Yeezy-branded products and all payments to Ye and his companies with immediate effect.
The company said that the decision is estimated to result in a short-term income loss of up to 250 million euros for the 2022 fiscal year, due to the fourth quarter’s high seasonality. They added that they remain “the sole proprietor of all design rights to existing products as well as earlier and new colorways under the partnership”.
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