Financial Analysis magazine, Forbes, reports that Kanye West has lost his title as a billionaire after Adidas terminated a lucrative Yeezy partnership
as a result of his weird anti-Semitic incident.
According to Forbes on Tuesday, October 25, of West’s estimated $2 billion fortune,
a staggering $1.5 billion was owed to his partnership with Adidas.
That large portion of his net worth, which is currently estimated to be a very meager $400 million,
is now virtually eliminated by the deal’s cancellation.
According to Forbes, the estimated $1.5 billion worth of West’s Adidas contract is based on a multiple of the two companies’ combined yearly profits.
His remaining net worth, according to the tabloid, is dependent on his music library, real estate assets, cash on hand,
and his 5% ownership of Skims, his ex-wife Kim Kardashian’s growing shapewear company.
Also Read
-Adidas ends collaboration with Kanye West over antisemitic boycott threat
-Sandra Iheuwa Drags Estranged Husband To Court Over Threat To Life
-Nigeria Oscars Committee Again Votes No Submission For Nollywood Films
“When you part ways with a massive company that is your distribution partner it has to have an impact on your bottom line,” Columbia University sports management professor Joe Favorito told The Post.
Due to its proximity to the crucial holiday quarter, Adidas stated that its move to cut ties with West
will have a “short-term negative impact” of almost $250 million on its net profitability in 2022.
Meanwhile In a note to clients, Baird analyst Jonathan Komp
estimated the Yeezy partnership generated about $1.8 billion in annual revenue
and “high-30% operating margin” for the company.
“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 said in a statement on its decision. “Adidas will stop the Adidas Yeezy business with immediate effect.”
In a recent tweet, Kanye West had threatened to death con 3 Jewish people,
Further adding that they have toyed with him for far too long.
This actually have to do with the Jewish media never recognizing Kanye as a billionaire, which gets the rapper angry.
This statement has sure cost Kanye a lot more than He could imagine
For your daily dose of tech, lifestyle, and trending content, make sure to follow Plat4om on Twitter @Plat4omLive, on Instagram @Plat4om, on LinkedIn at Plat4om, and on Facebook at Plat4om. You can also email us at info@techtalkwithtdafrica.com and join our channel on Telegram at Plat4om. Finally, don’t forget to subscribe to OUR YOUTUBE CHANNEL.