The self-proclaimed music genius, Kanye West is no longer a billionaire owing to his antics over the last few days.
Kanye is a lot of things: Brilliant, creative, complicated, and talented. He is also erratic, unpredictable, and most likely, psychiatrically unwell - which has led to several problems in his personal and professional life.
Following a series of antisemitic remarks and "White Lives Matter" stunts a few weeks back, West has been dropped by several companies he was working with.
Earlier this month, West’s Instagram account was restricted and his Twitter account was locked over posts deemed anti-Semitic, including one in which he threatened to go “death con 3 On JEWISH PEOPLE.”
Adidas and Gap each terminated their lucrative partnerships with West for his Yeezy lines, from which he amassed a significant portion of his net worth.
Forbes valued West’s deal with the German apparel company (Adidas) at $1.5 billion and says his net worth without it plummets to $400 million.
According to The Washington Post, the Yeezy brand brought in roughly $2 billion per year in revenue for Adidas before the brand terminated its contract with Mr West.
It amounted to close to 10% of the company's overall annual revenue.
Adidas said Tuesday that production on West’s “Yeezy” line of shoes and clothing has been halted “immediately” and that payments to the rapper, who uses the name Ye, have ended.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” Adidas said.
Adidas went on to say,
“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.”
Later Tuesday, the clothing retailer Gap said it’s taking “immediate steps” to remove West’s “Yeezy” products from its stores. West and Gap ended a two-year partnership last month.
“Antisemitism, racism, and hate in any form are inexcusable and not tolerated in accordance with our values,” Gap said after they removed the artist's merch from their website.
“On behalf of our customers, employees, and shareholders, we are partnering with organizations that combat hate and discrimination,” the organization stated.