Kanye West is no longer a billionaire. Following Adidas cutting ties with Ye, Forbes officially bumps Ye’s billionaire title, revealing that he is worth $400 million without the sportswear brand.
Before the now-defunct deal, 4 to 8% of all Adidas sales came from Ye’s Yeezy products. According to investment bank Cowen, the dead deal cost Ye $1.5 billion of his net worth. Ye did not reply to Forbes’ request for comment.
Ye’s remaining fortune comprises real estate assets, cash, his music catalog, and a minor stake in Kim Kardashian’s Skims line.
An early Tuesday morning press release from Adidas states the brand “does not tolerate antisemitism and any other sort of hate speech.”
The statement reads, “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.”
Adidas has decided to terminate the partnership, the end product of Yeezy branded products, and stop all payments to Ye and his companies, effective immediately.
Adidas also acknowledged the financial loss of terminating the partnership, stating a short-term negative impact of $250 million for the fourth quarter.
The brand states they own all design rights to existing products and previous and new colorways under the partnership.