Forbes Says Kanye West Is “No Longer a Billionaire” After Losing His Adidas Contract
Forbes reports that Kanye West is no longer worth $1 billion since Adidas terminated their lucrative Yeezy garment agreement in response to his streak of perceived anti-Semitic statements.
Forbes reported on Tuesday that $1.5 billion of West’s projected $2 billion fortune comes from his collaboration with Adidas. His current estimated net worth of $400 million is greatly reduced after the loss of this agreement.
According to Forbes, the $1.5 billion figure represents a multiple of the annual revenue generated by the collaboration between West and Adidas.
According to the article, his residual wealth comes from his music library, real estate holdings, cash and cash equivalents, and a 5% investment in Skims, the rapidly expanding apparel line owned by his ex-wife Kim Kardashian.
Professor of sports management at Columbia University Joe Favorito told The Post, “When you cut ways with a huge firm that is your distributor, that has to influence your bottom line.”
West, who legally changed his name to Ye last year, has long claimed that the media has been grossly inaccurate in their reporting of the scope of his commercial holdings.
Earlier this month, in an explosive interview with NewsNation’s Chris Cuomo, West allegedly said that he was being “attacked” by “the Jewish underground media mafia” for, among other things, exaggerating his fortune.
They never refer to me as a billionaire,” West said. It’s never said, “Hey tycoon, billionaire, visionary, inventor.
According to Forbes, West “every year” would grumble about the magazine’s rankings and would request a personal meeting.
In recent years, estimates of West’s wealth have fluctuated widely. Forbes estimated its valuation at $2 billion, while Bloomberg estimated its value at $6.6 billion in 2021.
The Post obtained financial paperwork in 2017 indicating that West’s Adidas division might be worth a total of $3.7 billion.
Due to the proximity of the crucial Christmas quarter, Adidas stated that their move to terminate ties with West would have a “short-term negative impact” on its 2022 net profitability of roughly $250 million.
An analyst at Baird, Jonathan Komp, anticipated $1.8 billion in yearly revenue and a “strong operating margin of 30%” because to the relationship with Yeezy in a note to investors.
