It looks like Kanye West just lost one. 1 billion!
After a slew of antisemitic comments, as well as anti-Black remarks, he has lost his deal with Adidas. And losing that deal with Adidas, he has also lost his billionaire status.
According to Forbes, the company that also anointed him a billionaire to begin with, said he is no longer a billionaire. Ye has been with Adidas since 2013, nearly 10 years. They have promoted his expensive Yeezy line of sneakers and made a ton of money to boot.
The company announced today that they will lose nearly $250 million in this quarter alone after dropping Kanye West and his Yeezy line. By the way, they owned the intellectual property that Kanye was working through. So it’s possible that they will continue with the Yeezy line even after their deal is done, I am being told. (FYI: I have also seen reports that say he could take Yeezy elsewhere or release it himself.) Kanye bragged, “The thing about it being Adidas I can say antisemitic things and Adidas can’t drop me … now what … now what.”
What? They dumped him and still own it. Crazy.
Anyway, Kanye West, challenged Adidas to drop him, almost like a dare. And they did.
Most people know by now that Adidas was founded by two brothers that were Nazis. The other brother went on to start Puma. So there was a tremendous amount of pressure for them to drop him, and their stock had already dropped considerably since his rant.
The Adidas deal was worth of reported $1.5 billion, calculated off years of earnings. Forbes, with their experts, looked at the royalties and earnings from this deal, similar to music or film residual income. They said that the Adidas money could be sold off, similar to a catalog of a recording artist.
Forbes maintains that without Adidas, Kanye is worth about $400 million. This estimate is based on real estate, liquid, cash, music catalog, on minority stake in Kim Kardashian‘s, Shapeware company, and other sources.
Kanye maintained that he was always worth well more than 1 billion, maintaining he was worth roughly $3,000,000,000. He disputed the Forbes account.
He also maintained that his Adidas partnership was worth $4.3 billion. Regardless, he is no longer worth $1 billion, whether he wants to believe that or not.
Now some people are going to maintain that this is more lies. But they believed it when he was proclaimed a billionaire by the very company that now says he is not. I’m not here to dispute or validate the Forbes list, but it does seem to be the gold standard.
By the way, Kanye has started to post on Parler, the Right Wing social media platform that was once owned by Candace Owens’ husband. Strange times we’re in, my friends.
“What then shall we say to these things? If God is for us, who can be against us?,” he said quoting the Bible.
What’s the answer to the question.