Ye, the former Kanye West, is not the only person suffering severely financially due to his slew of antisemitic remarks.
Ye’s erstwhile partner Adidas is also facing dire financial repercussions due to the rapper’s estimated net worth dropping from more than $1 billion to $400 million, according to a recent investigation by the Financial Times.
Adidas plans to sell its $530 million worth of Ye products at a high price.
It’s yet unclear how the shoemaker will handle that. Employees at Adidas have been concerned for years that the company was too dependent on the Yeezy brand.
The company earlier stated it anticipated losing $246 million in earnings this year due to terminating the contract with Ye.
Adidas’ expected 2021 annual income from Yeezy was $1.7 billion, or 8% of the total.
Adidas also disclosed that it had started an investigation against Ye following claims that he had behaved improperly with staff members by showing them graphic images of his ex-wife Kim Kardashian.
Ye started making anti-Semitic comments at the beginning of October, and as a result, he has lost sponsorships and collaborations with companies like Vogue, Balenciaga, Foot Locker, Gap, and J.P. Morgan.