Adidas severs ties with Ye, who was formerly known as Kanye West over his antisemitic comments. A move that has now left the rapper without his billionaire status. He has now been knocked down from Forbes list of the world's billionaires.
In a statement released by the company, they said, "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 will stop the adidas Yeezy business with immediate effect."
The statement also read, "This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022."
Ye has lost his talent representation and deals with major brands in the music industry in the past two weeks.
Kanye West 'Escorted' Out Of Skechers Office
Ye arrived in the sketchers office unannounced and without invitation at the Los Angeles offices. Skechers said, that he was also "engaged in unauthorized filming."
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