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Kanye West out of Forbes billionaires’ list
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Kanye West falls out of Forbes billionaire list as more brands abandon him.
Kanye West is no longer a billionaire as disclosed by Forbes as a result of the termination of his agreement with the German sportswear company Adidas.
After a string of anti-Semitic comments by the controversial rapper, Adidas severed its relationship with Kanye West on Tuesday.
Since 2013, the rapper has collaborated with the manufacturer of shoes and sports equipment on his Yezzy line of incredibly pricey and well-liked footwear. Adidas makes 4–8% of its revenue from Yezzy items. The transaction accounted for 1.5 billion of his net worth.
Forbes claims that when the $1.5 billion value of the Adidas contract was deducted off West’s earnings, the rapper was removed from its list of billionaires.
The American rapper and fashion mogul dared Adidas to fire him a few days ago after a week-long flurry of anti-Semitic comments on social media and in other settings.
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He dared Adidas, saying he could make anti-semantic remarks all he wanted.
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 per cent at 95.88 euros in afternoon trading.