Kanye West said earlier this week that he was too wealthy to be cancelled.
Now, it appears that the rapper and fashion magnate was absolutely incorrect about that — which isn’t unexpected given that he’s generally wrong about everything all of the time.
Adidas, the firm that had been manufacturing West’s massively successful Yeezy brand of footwear, ditched him on Tuesday morning.
The announcement followed rumours that legendary fashion house Balenciaga had also severed ties with Ye.
Kanye is, of course, extremely wealthy even without those lucrative relationships.
However, the recent news regarding his financial position is likely to be a major setback for West’s infamous ego.
Kanye West is no longer a billionaire, according to a new Forbes report.
In fact, Yeezy’s fortune has plummeted in recent weeks, with his net worth currently estimated at $400 million.
Obviously, the guy isn’t going to start clipping coupons or eating mayonnaise sandwiches very soon.
However, the $400 million valuation reflects a significant drop from Ye’s career high, when his personal worth was believed to be at $1.3 billion.
We think it’s safe to say the drop comes as a surprise to West, who has spent a lot of time bragging that he’s so rich and famous that he’s immune to being canceled.
“I ain’t losing no money,” a boastful Ye told TMZ less than 48 hours ago.
“The day I was taken off the Balenciaga site, that was one of the most freeing days,” West continued, before confidently assuring the outlet:
“We here, baby, we ain’t going nowhere.”
Adidas announced today in a statement that the decision to cut ties with West was prompted by the rapper’s recent vile, anti-Semitic comments.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said in a press release.
“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.”
West tweeted about “going death con 3 [sic] on Jewish people” three weeks ago, so it’s a bit surprising (and infuriating) that Adidas waited so long to take this important step.
Perhaps in an attempt to compensate for its weeks of hesitation, the brand stated today that it had no plans to deal with Kanye in the future.
“Following a comprehensive investigation, the firm has decided to immediately terminate the agreement with Ye, cease manufacture of Yeezy branded products, and cease all payments to Ye and his enterprises,” a spokeswoman stated.
“Adidas will discontinue the Adidas Yeezy business immediately.”
Kanye’s ego is enormous, and he most likely believes he will recover from these new setbacks.
But, at this moment, West is so toxic that no major brand would jeopardise its reputation by working with him.
And it will make regaining his billionaire status extremely tough.
It’s tempting to believe that all of this will teach Kanye a lesson, that he’ll see the mistake of his ways and begin the process of making atonement for all of the harm he’s done to oppressed communities in recent weeks.
But, unfortunately, he’ll be back to spewing vile garbage before the day is done.