Kanye West: How Did Kanye West Lost His $2 Billion in a Day
According to statements made by Kanye West on Thursday, the rapper’s business partners raced to desert him after a series of antisemitic outbursts he made, causing him to lose $2 billion in a single day.
The music and fashion mogul has seen lucrative commercial tie-ups come to an end as a result of pressure being put on firms such as Adidas and Gap to cut agreements with him over statements that have been labeled as hate speech.
“I lost 2 billion dollars in one day. And I’m still alive. “This is love speech,” West, who is also known as Ye, said in an Instagram post that has received over a million likes at the time of writing. “This is a love speech.”
“I still adore you.” God still loves you. I am not defined by my financial situation. “The people are who I am,” read the message, which was directed at Ari Emanuel, the CEO of the entertainment group Endeavor. Mr. Emanuel has previously urged businesses to cut ties with the rapper.
Adidas, a German sportswear company, said on Tuesday that it would no longer work with West because of his “unacceptable, vile, and deadly” comments.
In addition, Adidas announced that it will cease manufacturing the extremely popular “Yeezy” brand, which was co-created by West, and “halt all payments to Ye and his enterprises.” It is anticipated that Adidas will see a reduction in their bottom line of around one-quarter of a billion dollars as a direct result of this action.
Without the deal, West’s net worth will drop to $400 million, including his music catalog, real estate, cash, and a stake in his ex-wife Kim Kardashian’s shapewear company, Skims. Forbes estimated that Adidas accounted for $1.5 billion of West’s net worth, and without the deal, it will fall to $400 million. Forbes has announced that it will no longer put Kanye West on its list of billionaires, despite the fact that the rapper has in the past argued that the magazine grossly underestimates his riches.
Kanye West, who has been upfront about his issues with bipolar disorder, has been outspoken for a long time. He thought about running for president in 2020, but in the end, he decided to support Donald Trump instead.
Business partners who have profited from his high profile and frequent appearances in the media but who risk being damaged by association due to his readiness to go beyond the pale face a double-edged sword as a result of his desire to do so.
While they were able to weather previous comments, such as when West called slavery a “choice,” things began to unravel this month when he appeared at a Paris fashion show wearing a shirt emblazoned with the phrase “White Lives Matter.” This phrase was created as a backlash to the movement known as “Black Lives Matter.”
Kanye West: How Did Kanye West Lost His $2 Billion in a Day
After a few days, he was temporarily banned from using Twitter and Instagram for making threats to “go death con 3 on Jewish people.” This was a misspelled allusion to the level of preparedness of the United States military.
That caused concern, including from what seems to be his ex-wife Kim Kardashian, who said on social media that “hate speech is never OK or excusable,” but she did not specifically identify West in her postings.
Banners reading “Kanye is correct about the Jews” and “Honk if you know” were hung over a busy motorway in Los Angeles over the weekend, and drivers were encouraged to respond by honking their horns. A number of individuals were captured on camera doing the “Heil Hitler” salute.
Gap, a firm based in the United States, made an announcement a few hours after Adidas did so. It stated that it will be taking “urgent action to remove Yeezy Gap items from our shops” in addition to closing down the website YeezyGap.com.
Balenciaga, a fashion brand located in Paris, announced last week that it “no longer [had] any relationship nor any intentions for future projects linked to this artist.” Balenciaga has previously collaborated with the rapper on many projects.
CAA, one of the most prominent talent agencies in Hollywood, said that it would no longer represent West, and MRC, a film and television producer, announced that it would not move forward with a documentary that had already been completed on the artist.
The corporate headquarters of shoe business Skechers are located in Los Angeles, and on Wednesday, West was removed from the building after turning up unannounced with a film crew, according to the company.