Kanye West Loses Billionaire Status After Adidas Ends Partnership Over Anti-Semitic Comments, Talent Agency CAA Cuts Ties With Ye As Film Studio Axes Documentary

Companies are distancing themselves from Ye, formerly known as Kanye West, following anti-Semitic comments he made causing him to lose his billionaire status. Adidas has decided to terminate their partnership with the rapper and talent agency, Creative Artists Agency (CAA), has reportedly severed ties with him as well. More inside…

Ye, formerly known as Kanye West, is starting to get blowback from major companies he has partnered with in response to anti-Semitic comments he recently made.

The YEEZY x Adidas collaboration is DONE! Adidas is the latest company to severe ties with Ye since he made those offensive remarks.

“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said in a statement Tuesday. “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.”

Pressure on Adidas to end their partnership with Ye has been mounting since the beginning of the month. The sportswear company revealed they conducted a “thorough review” and would immediately stop production of its line of Yeezy products and stop payments to Ye and his companies. It’s reported the company will take a hit of up to $246 million (250 million euros) to its net income this year from the move.

Forbes has confirmed that Ye has lost his billionaire status as a result of Adidas's decision to end their partnership with him. While Adidas may not have technically torpedoed his billions on its own (they say it's a combination of several deals, including GAP, falling apart recently), Forbes notes it was a HUGE part of his wealth, and the final nail in the coffin.

The deal with Adidas accounted for $1.5 billion of Ye’s net worth, putting him at $400 million without it, according to Forbes.

Speaking of GAP, the apparel giant has announced that it is discontinuing the rapper's Yeezy Gap line of merchandise and has shut down YeezyGap.com after terminating its relationship with the rapper.

”Our former partner's recent remarks and behavior highlight why we are taking immediate steps to remove Yeezy Gap product from our stores," the retailer said in a statement released Tuesday.

Balenciaga and VOGUE have also terminated their partnerships with Ye. JPMorgan Chase ended their business relationship with the “Stronger” rapper earlier this month, although the banking breakup was in the works even before Ye’s antisemitic comments.

There are more companies distancing themselves from Ye. Major Hollywood talent agency Creative Artists Agency (CAA) dropped the “Runaway” rapper following his controversial statements.

“I can confirm that Kanye is not a client,” a CAA representative told CNBC.

The film studio MRC also said it’s shelving a documentary about Ye.

The Hollywood Reporter reports:

Film and television studio MRC is shelving a completed documentary focused on Kanye “Ye” West in light of the artist’s recent antisemitic comments.

“This morning, after discussion with our filmmakers and distribution partners, we made the decision not to proceed with any distribution for our recently completed documentary about Kanye West,” CEOs Modi Wiczyk and Asif Satchu, as well as COO Scott Tenley, wrote in an open letter on Monday. “We cannot support any content that amplifies his platform.”

MRC was in talks with distributors before this latest decision. When asked if the film was sent to any film festivals, an MRC representative responded that “all activities are being pulled.”

The silence from leaders and corporations when it comes to Kanye or antisemitism, in general, is dismaying but not surprising. What is new and sad, is the fear Jews have about speaking out in their own defense,” Wiczyk, Satchu and Tenley wrote.

The MRC executives wrote that “two important lies” have powered current antisemitic rhetoric: “the lie that Jews are evil and conspire to control the world for their own gain” and the “pernicious, terrible use of false logic” that “If you support Israel’s right to exist, you are a racist. If you are a Jew, you support Israel’s right to exist. Therefore, if you are Jewish, you are a racist.”

The authors concluded, “If you hear or encounter the perpetuation of these intolerances and falsehoods, please let us know. It is totally unacceptable. And to those who are afraid to use their voice, hopefully this encourages you to do so.”

It doesn't stop there. Ye's divorce legal team (the FIFTH one representing him) also dropped him following his anti-Semitic comments.

Pagie Six reports:

He had been represented by elite divorce attorneys Bernard Clair and Bob Cohen at the prestigious New York Cohen Clair Lans Griefer Thorpe & Rottenstreich LLP.

But a source told us Monday, “The firm is no longer representing Kanye West.”

Reps for West and his former lawyers Clair and Cohen — whose clients have included Melinda Gates, Chris Rock and Judith Nathan in her divorce with Rudy Giuliani — didn’t get back to us.

Cohen and Clair were West’s fifth law firm in this divorce case, as the billionaire entertainer has had a revolving door of lawyers represent him over the past year and a half.

Kardashian, 42, filed to divorce West in February 2021, and the former couple was declared legally single in March 2022. However, discussions have continued over finances and custody of their four kids: North, Saint, Chicago and Psalm.

Speaking of Kim....

 

 

Hate speech is never OK or excusable. I stand together with the Jewish community and call on the terrible violence and hateful rhetoric towards them to come to an immediate end.

— Kim Kardashian (@KimKardashian) October 24, 2022

 

"Hate speech is never OK or excusable," she tweeted. "I stand together with the Jewish community and call on the terrible violence and hateful rhetoric towards them to come to an immediate end."

Earlier this month, Adidas announced they were reviewing their partnership with Ye after he wore a “White Lives Matter” t-shirt at his Yeezy fashion show during Paris Fashion Week. When Adidas announced their partnership was “under review,” Ye hopped on social media, writing, “FUUUUUUCK ADIDAS I AM ADIDAS ADIDAS RAPED AND STOLE MY DESIGNS.” 

Since then, Ye has been appearing on any platform that would host him to share his ideology. On a recent episode of “Drink Champs,” he said: “I can say anti-Semitic sh*t and Adidas cannot drop me.”

During his social media rants and interviews, Ye alarmed folks when he vowed to “go death con 3 ON JEWISH PEOPLE.” DEFCON is an acronym that refers to the state of alert of America’s militaries. DEFCON 3 refers to a "increase in force readiness above normal readiness" and is used in situations that do not pose an immediate threat but warrant heightened alert.

You’ll recall, Ye slammed the “Jewish media” for trying to silence him after he posted a screenshot of his text messages with Hip Hop mogul Diddy in which the rapper wrote, "This ain't a game. Ima will use you as an example to demonstrate to the Jewish people who instructed you to call me that no one can threaten or influence me."

Ye is worth $400 million without Adidas.

According to Forbes, the rest of Ye's fortune is made up of real estate, cash, his music catalog, and a 5% stake in ex-wife Kim Kardashian's shapewear company, Skims. (According to a source close to Skims, Ye hasn't been involved with the brand since its launch in 2019.)

It's interesting. No one had this type of energy when he said 400 years of slavery was a choice. Hmph.

Photo: AP Photo/Ashley Landis, File

source: theybf