Adidas announced that they were severing ties with Ye yesterday (October 25th), saying in a statement, “Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”
It is being reported that the company will take a $246 million hit to its net income this year.
Meanwhile, Ye has reportedly lost his billionaire status after Adidas terminated their partnership. According to Forbes, Ye is now worth somewhere in the ballpark of $400 million. The Adidas deal accounted for $1.5 billion of Ye's net worth.
GAP TO REMOVE ALL YEEZY PRODUCTS FROM STORES
In related news, GAP also announced that they severed ties with Ye over comments he made about Jewish people. The statement said, “In September, Gap announced ending its Yeezy Gap partnership. Our former partner’s recent remarks and behavior further underscore why. We are taking immediate steps to remove Yeezy Gap product from our stores and we have shut down Yeezygap.com.”