By Ny MaGee | Eur
Kanye West attends the Givenchy Womenswear Spring/Summer 2023 show as part of Paris Fashion Week on October 02, 2022, in Paris, France. (Photo by Stephane Cardinale – Corbis/Corbis via Getty Images)
The rapper’s total wealth reportedly dropped to around $400 million from $2 billion. Failed crypto-founder Sam Bankman-Fried’s net worth also plummeted from $24 billion in 2022 to less than $10 million, per Forbes’ annual billionaires list.
Bankman-Fried is facing fraud charges after the collapse of his companies FTX and Alameda Research in November. Ye’s wealth dropped after the hip-hop star lost many of his partnerships after offending the Jewish community last year.
We reported previously that Adidas could reportedly see a loss of nearly $750 million this year after cutting ties with Ye.
The German company parted ways with the rapper after his antisemitic remarks. As NPR reports, Adidas stopped production of Yeezy products as well as payments to Ye back in October.
Several companies severed ties with Ye following backlash over his Jewish supremacy rants, including Balenciaga, Gap, and Footlocker. As Insider reports, citing the Financial Times, Adidas initially planned to sell the Yeezy merchandise under its own brand.
Adidas has collaborated with Ye since 2013. Per Moguldom, Yeezy products “generated an estimated 4-to-8 percent of the company’s sales, according to investment bank Cowen,” the outlet writes, adding “Shares of Adidas sank by 11 percent the morning of Feb. 10 after the company warned that if it can’t unload its Yeezy shoes and clothes, sales revenues could decline at a high single-digit rate in 2023.”
The Inland Valley News coverage of local news in Los Angeles and San Bernardino counties is supported by the Ethnic Media Sustainability Initiative, a program created by California Black Media and Ethnic Media Services to support minority-owned-and-operated community newspapers across California.