Antisemitism: Kanye West loses billionaire status after Adidas cut ties

Forbes, the American business magazine, says Kanye West, the rapper, is no longer a billionaire. 

The publication said West lost his spot on its list of billionaires after being dropped by Adidas for antisemitism.

In recent weeks, West has gone on several anti-semitic rants across his social media handles. He had alleged that the Jews control Hollywood and vowed to “go Defcon 3” on the Jewish people — apparently referring to the military readiness condition.

The rhetorics, in no time, mounted public pressure on the companies with whom the rapper has business dealings.

Among the latest brands to sever ties with West is Adidas which said it conducted a “thorough review” and would immediately stop production of its line of Yeezy products.

“Adidas does not tolerate antisemitism and any other sort of hate speech. 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,” the company said in a press release.

“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”

Forbes said West’s multi-year Adidas deal was valued at $1.5 billion, without which he’s worth just $400 million.

It said what remains of West’s financial empire is his real estate, cash, music catalogue, and a five percent stake in Skims, his ex-wife Kim Kardashian’s shapewear firm.

Among the top brands that have also severed ties with Kanye West in the wake of his anti-semitic remarks are Balenciaga, MRC, and Creative Artists Agency (CAA).

All these come as Gap, the clothing retail company, is also removing Yeezy products, owned by West, from its shelves while also closing the rapper’s Yeezy Gap online store.