Kanye West is no longer a billionaire, according to Forbes, after Adidas dropped him following a weeks-long antisemitic tirade on social media and national television.
Until the beginning of this week, the American rapper had one of the world’s biggest fortunes in show business. Being worth nearly $2 billion, West was part of the exclusive club of billionaire celebrities which notably includes George Lucas and Steven Spielberg.
However, the one who now calls himself Ye saw several major brands – Balenciaga, Gap, and Adidas – end their partnership with him after his recent antisemitic remarks.
“I can say antisemitic shit and Adidas cannot drop me,” said the rapper on the Drink Champs podcast earlier this month, after threatening on Twitter to “Go death con 3 on JEWISH PEOPLE.”
"What Kanye did on social media shows that brands and organizations are not interested in being connected to people who are racist," said i24NEWS social media expert Pablo Vinocur.
"But the widespread criticism and 'cutting-off' of the rapper also highlights that brands worldwide are quick to distance themselves from influencers who have an opinion on certain topics that don't have a general consensus in media."
In another instance, according to an email seen by The Times, the principal of Donda Academy – West's private school – told parents, "At the discretion of our Founder, Donda Academy will close for the remainder of the 2022-2023 school year effective immediately."
These ruptures of commercial relations cut West’s fortune by approximately $1.5 billion. The loss of his contract with Adidas, for example, will inflict a loss of $1.7 to $1.8 million per year.
His current worth is estimated at $400 million, mainly in real estate and musical rights.
Nevertheless, West – like Donald Trump – has accused Forbes of underestimating his fortune. Earlier this year, the musician estimated his fortune at $7 billion, more than triple the business magazine's estimate.
Also according to his own calculations, West’s contract with Adidas was worth $4.3 billion, allowing him to potentially still consider himself a billionaire with a fortune of $2.7 billion.