Updated Oct 25, 2022 - Economy

Ye not a billionaire after Adidas ends Yeezy deal

Kanye West attends a basketball game

Rapper Kanye West, who goes by Ye, attended a game between the Minnesota Timberwolves and the Miami Heat on March 12 at FTX Arena in Miami, Florida. Photo: Issac Baldizon/NBAE via Getty Images

With the loss of his Yeezy deal with Adidas, Ye has been knocked out of the billionaire ranks, according to media reports.

Why it matters: Adidas is the latest company in recent days to drop the artist, formerly known as Kanye West, facing mounting pressure after he made multiple antisemitic comments.

By the numbers: Forbes, who included Ye on its billionaires' list since 2020, estimates his Yeezy deal with Adidas was worth $1.5 billion of his net worth.

  • The Yeezy business earned more than $500 million in total royalty payments and marketing fees over the first four full years of the Adidas deal through 2020, Bloomberg reports.

Yes, but: Without Adidas, Ye's estimated worth drops to $400 million, per Forbes.

Adidas stops Yeezy business

What's happening: Adidas said it doesn't tolerate antisemitism or hate speech and that "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 company said it has terminated the relationship with Ye immediately, ending production of "Yeezy branded products and stop all payments to Ye and his companies."

Gap shuts down its Yeezy online store

Meanwhile, Gap said Tuesday it's taking "immediate steps to remove Yeezy Gap product from our stores and we have shut down YeezyGap.com."

Flashback: Gap announced the end to its Yeezy Gap partnership in September.

What they're saying: "Our former partner's recent remarks and behavior further underscore why," Gap said in a statement.

  • "Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values," Gap said.
  • "On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination."

Foot Locker pulls Yeezy shoes

Foot Locker has pulled Yeezy shoes from its sales floors and online store, FootwearNews.com reports.

What they're saying: “While we remain a partner with Adidas and carry a wide assortment of their collections — we will not be supporting any future Yeezy product drops, and we have instructed our retail operators to pull any existing product from our shelves and digital sites,” Foot Locker said in a statement to FootwearNews.com.

Editor's note: This story has been updated with additional details.

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