The American rapper’s net worth decreases by about 75 percent when businesses like Adidas distance themselves from his Yeezy line as a result of his recent antisemitic comments. In the midst of the uproar, NFL player Antonio Brown supports the artist.
After Adidas severed connections with Kanye West for his antisemitic statements on social media, he has dropped off Forbes’ list of the world’s richest billionaires.
The rapper, whose legal name change to Ye put him at number 1,513 on Forbes’ rich list earlier this year, has a multi-year contract with the German sportswear giant to design his trainer line, Yeezy.
Adidas, however, declared on Tuesday that it would halt all Yeezy-branded goods manufacturing and cease all payments to the artist and his businesses with “immediate effect” as a result of the rapper’s “unacceptable, disgusting, and deadly” hate speech.
And on Wednesday, Madame Tussauds removed its wax replica of the rapper from public view, becoming the newest organization to distance itself from the artist.
Forbes estimates that the bulk of West’s net worth—$1.5 billion (£1.3 billion)—comes from his lucrative contract with Adidas.
”Ye is no longer a billionaire”, according to the American business journal.
”It is the culmination of a remarkable, self-inflicted fall for one of the brazenness and most volatile characters to have ever appeared on Forbes’ pages”.
West’s net worth is currently estimated by Forbes to be around $400 million (£346 million), down from $2 billion (£1.7 billion).
According to Forbes, “Losing Adidas was the final nail in Ye’s net-worth coffin,” and “Now the road has ended.”
Spotify jumps on the condemning train
Although the music streaming service has publicly criticized West’s comments, it will not punish him.
The artist’s words, according to company CEO Daniel Ek, were “simply horrific sentiments,” and if they had been made on a podcast or recording, West would have been kicked off of Spotify for breaking the company’s anti-hate standards.
Spotify stated it would only take down the rapper’s songs if his label requested it because the remarks were posted on social media.
Ye said he was “going death con 3 ON JEWISH PEOPLE” earlier this month on Twitter before claiming he wasn’t “anti-Semitic since black people are truly Jew as well.”
Since then, West has had his access to Instagram and Twitter restricted, his banking partnership with JP Morgan ended, his work with the design firm Balenciaga ended, and a finished documentary about him was shelved. The list of businesses denouncing West’s remarks keeps growing.
Kim Kardashian on Monday posted an oblique tweet to her ex-husband, saying: “Hate speech is never acceptable or justified. I demand that the horrific acts of violence and racist remarks directed at the Jewish community halt right away “.
Additionally, Madame Tussauds announced on Wednesday that its wax figure of the rapper had been stored in an archive.
An official spokeswoman added, “Each profile earns its position at Madame Tussauds London and we listen to our guests and the public on who they expect to see at the attraction.
The figure and a wax replica of Kardashian were first unveiled in the museum in 2015.
Antonio Brown joins West
Despite the criticism, American footballer Antonio Brown, the head of West’s brand management company Donda Sports, issued a statement on Twitter expressing his “support” for the rapper, whom he views as his “brother,” and disapproving of the businesses cutting connections with the musician.
“Over the past few weeks the world’s reactionary and selective outrage at comments in the media made by my brother, Ye, have inflamed and sparked rampant conversation and reflection.
“I too have been able to reflect on statements that I and others in my circle have made that lack clarity in expressing my stance.
“The people and brands that have relentlessly profited from Black ideas and Black culture chose to distance themselves at a very specific time: a time that demonstrated their prioritization of certain groups over others.
“None of us in this world are free of judgment, yet we live in a time where scrutiny and pessimism have driven our dialogues on cultural issues toward diatribes”.
The freedom of expression
“I stay in support of the humanity that is Ye,” Brown concluded his statement after announcing that he would continue to serve as president of Donda Sports. thought, and opinion, Brown continued, “pushes humanity forward,” and he stands by this commitment.
Waiting for a response from West’s representatives.
Let me be clear, discrimination of any type is an injustice to all people, which is precisely why I wish to make this remark, he added.