It’s harder to stay at the top than it is to get there. Just ask the artist formerly known as Kanye West.
According to Forbes, the Adidas deal that placed him on the billionaire’s list is the one that catapulted him off of it, in theory. The actions and behavior of Ye preceding the loss of the deal are the real culprits. But, the money stipulated with that agreement being taken away caused his net worth to drop to under half a billion.
The mercurial entertainer sat on top of the hip-hop billionaire list for three years until a fateful day in October 2022. The sneaker company finally cut ties with him after anti-Semitic comments he made in multiple interviews. Although the Yeezy line was very profitable for adidas, they cut ties after public outcry, and other companies turned away from the rapper.
After staying silent on the Ye partnership, the designer dared them to cut him loose.
When he appeared on DJ Efn and Nore’s podcast, Drink Champs, he blatantly stated, “I can say anti-Semitic s**t- and Adidas cannot drop me.” Well, that chess move backfired.
Previously, Forbes placed a value of $1.5 billion on the Adidas deal. That figure was based on “a forward multiple of the royalties Ye was being paid.”
On October 25, the sneaker brand kicked Ye to the curb. According to Adidas, the move cost them about $535 million of the forecasted operating profit due to a huge number of unsold Yeezys. That move knocked Ye off the coveted list. The $1.5 billion was attributed to the deal; since he no longer had the deal, his net worth dropped to an estimated $400 million. The Adidas deal and canceled contracts with other retailers like Gap and haute couture house Balenciaga also contributed to the drop.
