Kanye West is reportedly no longer a billionaire (2024)
Kanye West, who now goes by Ye, is staying markedly silent after self-destructing his partnership with German sportswear giant Adidas—a move that reportedly left a $1.5 billion dent in his net worth.
Ye’s net worth without Adidas is now around $400 million, according to new reports from Forbes, as the market valuation of Yeezy, Ye’s sneaker and apparel business, has plummeted after losing its partnerships with Gap and Adidas.
Ye first made an appearance on Forbes’ Billionaire List in April 2020 and has prided himself on his self-made billionaire status, most of which hinged on Yeezy’s successful partnership with Adidas.
But following the end of their collaboration after a viral video of Ye circulated on social media taunting Adidas by saying “I can say anti-Semitic things, and Adidas can’t drop me. Now what? Now what?” his billionaire status evaporated in a matter of minutes.
Since Adidas terminated its partnership with Yeezy on Oct. 25 following repeated anti-Semitic remarks from Ye, the Yeezy brand has little remaining income and a bleak future outlook. While Yeezy could try to partner with other fashion houses and resume collecting royalties, there may not be many clients willing to work with the toxic Ye brand.
The news will likely not sit well with Ye, who reportedly approached Bloomberg and Forbes repeatedly in recent years to be included on their billionaire lists. Ye felt his net worth was undervalued by both publications, and when he first made Forbes’ list with an estimated $1 billion fortune in 2020, he reportedly texted the publication to say “It’s not a billion,” adding, “It’s $3.3 billion since no one at Forbes knows how to count.”
Lost partnerships, lost business
The death of Ye’s empire happened remarkably quickly after the controversial Oct. 3 YZY show at Paris Fashion Week, where models walked the runway wearing “White Lives Matter” shirts.
Ye’s increasingly vitriolic rants on social media culminated in anti-Semitic remarks, and the rapper and designer was kicked off Instagram and Twitter after saying he would go “Death Con 3 on JEWISH PEOPLE.” He continued an anti-Semitic attack on the “Jewish media” and “Jewish Zionists” for allegedly profiting off Black people in the music industry.
Since then, much of the business world has abandoned Ye. Banking giant JPMorgan Chase, French fashion house Balenciaga, talent agency CAA, and fashion kingpin Anna Wintour, to name a few, have all cut ties with Ye.
Adidas cut ties Balenciaga cut ties Vogue and Anna Wintour cut ties Dropped by talent agency, CAA Dropped by lawyer Streams, sales & airplay plummeted Restricted from Instagram & Twitter Stadium shows cancelled Documentary shelved pic.twitter.com/D1UiaAG3e9
While Adidas was slow to drop Ye, it eventually gave in to calls and made a statement on Oct. 25 saying the company “does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful, and dangerous.” It concluded that “after a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products, and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”
Adidas will also absorb a hit to earnings of up to €250 million ($247 million) this year, while also erasing the estimated 10% of its current sales that came from Yeezy products, according to Morningstar analyst David Swartz.
While the split hurts Adidas, it is even more troubling for Yeezy, which has lost its main source of income. Yeezy earned more than $500 million in royalty payments in the first four years of its Adidas partnership, through 2020, according to UBS.
Before the controversy, Yeezy was also making a solid income from its partnership with Gap—a deal that was optimistically expected to bring in $1 billion a year, according to an analysis from Wells Fargo. Once Gap and Yeezy got Balenciaga on board to collaborate with Yeezy Gap, expectations of earnings grew even greater—until Ye terminated the partnership with Gap, claiming he wasn’t given enough control over the items that were sold in stores and online.
Ye has since shrugged off Gap and Balenciaga dropping him as clients. When asked about Balenciaga cutting ties with Yeezy after his anti-Semitic rants, Ye told reporters, “I ain’t losing no money, they never paid me nothing.”
Now the remainder of Ye’s wealth is left in his large real estate portfolio, his music catalog, his 5% stake in ex-wife Kim Kardashian’s shapewear firm Skims, and around $122 million in cash and stock.
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Ye had an estimated net worth of $2 billion in 2022, but lost $1.5 billion when Adidas terminated their partnership. He didn't make it to the 2023 billionaires list, but he still has a large net worth – about $400 million, Forbes says – comprised of cash, real estate and the value of his music.
Kanye West, the self-proclaimed genius and controversial rapper, has made it to a list of billionaires - but unfortunately, not in the way he hoped. While he may have skyrocketed to financial success in the past, recent missteps and unfortunate circ*mstances have caused his net worth to plummet.
Key Takeaways. Kanye West has a net worth of $400 million as of May 2023, according to Forbes. West's net worth dropped from $2 billion after Adidas and other companies cut ties with the rapper in 2022 after antisemetic comments and offensive behavior.
Still the family's top earner, Kim is currently the only billionaire family member. As a savvy businesswoman, she's always had her fingers in plenty of pies, even dabbling in acting on the latest American Horror Story.
According to Forbes, Yeezy footwear sales hit $1.7 billion in 2020, which after operating costs is worth $1.5 million. West's net worth is estimated at $6.6 billion, in large part due to his Yeezy sneaker business, which Bloomberg places between $3.2 billion and $4.7 billion after reviewing private documents.
Ye had an estimated net worth of $2 billion in 2022, but lost $1.5 billion when Adidas terminated their partnership. He didn't make it to the 2023 billionaires list, but he still has a large net worth – about $400 million, Forbes says – comprised of cash, real estate and the value of his music.
Despite the fall out with adidas, Ye still holds a hefty 15% royalty of the YEEZY products sold. That means that with the first release, Ye has made over a quarter of $100 million USD — $25,586,250 USD to be exact — from the first release. With just two releases left, Ye is expected to make quite a profit as well.
Is it possible for a billionaire to become broke? Eike Fuhrken Batista da Silva (“Eike Batista”), the former Brazilian billionaire, is, without doubt, the world's most spectacular example of an individual who very rapidly accumulated tremendous wealth and then lost everything without any possibility of recovery.
Adidas Yeezy (or just Yeezy) was a fashion collaboration between American rapper, designer, and entrepreneur Kanye West's Yeezy and German sportswear company Adidas. It offered sneakers in limited edition colorways, as well as shirts, jackets, track pants, socks, slides, lingerie and slippers.
In conclusion, Kanye West is a successful businessman who has created and owned several successful companies. Yeezy, Yeezy Supply, DONDA, Good Music, KW Foods LLC, Yeezy Home, and KKW Beauty are just a few of the brands that Kanye has been involved in over the years.
As of today, no billionaire is within striking distance of becoming a trillionaire. Elon Musk is, at present, the world's richest person, with a net worth of $206 billion, while Jeff Bezos is in the number two position with $179 billion, according to Bloomberg.
The financial news outlet said she is the first artist to achieve billionaire status solely on the basis of her music, and estimated she has a $1.1 billion fortune.
In addition to starring on reality shows, Disick has pursued multiple business ventures, including starting the clothing brand Talentless, investing in nightclubs, and running multiple vitamin companies. Eastport, New York, U.S.
Forbes had valued the Adidas deal at $1.5 billion. Without it, West's fortune drops to $400 million. His current fortune includes cash, real estate, the value of his music catalog and a 5% stake in his ex-wife Kim Kardashian West's shapewear brand Skims.
We all know how the story ended: Adidas broke up with Ye, but per contractual agreement, it owns Yeezy's designs. Adidas cleared out much of its remaining Yeezy inventory last year, but has recently announced it will sell its remaining inventory in 2024, beginning with a Yeezy 500 tactical boot.
Jay-Z is the richest rapper in the world with a net worth of USD 2.5 billion. He is the first hip-hop artist to become a billionaire. – What is Kendrick Lamar's net worth in 2024? Kendrick Lamar's net worth as per Celebrity Net Worth is estimated to be USD 75 million.
As of today, Taylor has more than double the net worth of Kanye. When calculated, it comes to an increase of around 125%. The war of words could continue, but silently, we know who's winning in life! Stay tuned to Koimoi for more such interesting Hollywood reports.
Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.
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