Kanye West was greatly affected when Adidas cut ties with him. His net worth reportedly plunged by over a billion, according to reports.
Did Kanye West Lose Money After Adidas Ended Their Partnership?
Earlier this month, Adidas announced that it put its partnership with the Yeezy founder under review. On Tuesday, the German company decided to end their business dealings with the rapper and designer and West's net worth shrank by $1.5 billion, International Business Times reported.
According to Forbes, West's share at Adidas was worth $1.5 billion. That contract termination erased that chunk from his net worth. Previously, West was worth around $2 billion, but now his net worth is estimated to be $400 million.
Why Did Adidas Cut Ties With Kanye West?
Adidas decided to end its working relationship with West due to the string of controversies involving the Grammy winner, in particular his anti-Semitic remarks. The company clarified that it does not tolerate hate speech.
"Adidas does not tolerate antisemitism and any other sort of hate speech. 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," the German company said in a statement released Tuesday.
It continued, "After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products, and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect."
Kanye West Showed Up Uninvited At Skechers Headquarters
Kim Kardashian's ex-husband quickly moved on after Adidas terminated their partnership. He showed up at Skechers headquarters Wednesday for potential business opportunities, according to TMZ.
West was probably thinking that he could replace Adidas with Skechers as his new partner. However, the company rejected the Donda artist.
"Kanye West – also referred to as Ye – arrived unannounced and without invitation at one of Skechers' corporate offices in Los Angeles," the company said in a press release.
"Considering Ye was engaged in unauthorized filming, two Skechers executives escorted him and his party from the building after a brief conversation. Skechers is not considering and has no intention of working with West."
Just like Adidas, Skechers clarified that it doesn't tolerate hate speech. It also stressed that West's appearance in its office was unexpected.
"We condemn his recent divisive remarks and do not tolerate antisemitism or any other form of hate speech. The Company would like to again stress that West showed up unannounced and uninvited to Skechers corporate offices," the statement concluded.
Stay tuned for more news and updates about Kanye West.