Kanye West has officially lost his billionaire status following the termination of his Yeezy brand partnership with Adidas. According to news reports Ye loss $246 million dollars in revenue with dissolution of the partnership.

Forbes has now released an article confirming the news that Ye’s billionaire status is currently no longer. According to Forbes, Ye is now worth an estimated $400 million after the termination of his Adidas partnership. His impending revenue from the partnership with the German based athletic company, was the deal that catapulted Ye into billionaire status.

Forbes states, “The $1.5 billion value of the Adidas deal was calculated off of a multiple of annual earnings. Based on interviews with industry experts, Forbes had viewed the royalties Ye received from Adidas to be similar to royalties from music catalogs or film residuals. The Adidas income stream could be sold off, those experts said, just like dozens of musicians have sold off their life’s work over the past two years.”

Ye also lost a list of lucrative partnerships the past month, which substantially contributed to his billionaire status including Balenciaga, Gap, Vogue, and the ending of his recording label ‘G.O.O.D Music’ deal with Def Jam. Note to self Ye distribution deal with Def Jam actually ended last year reportedly. However, it was revealed this week.

Ye still currently holds stakes in several business ventures including his ex-wife Kim Kardashian’s shapewear company Skims, which he has a 5% stake. Also Forbes claims Ye has income from real estate ventures, cash, and his music catalog.

Ye is still doing press tours standing by his offensive comments towards the Jewish community. As the family of George Floyd has filed a $250 million defamation lawsuit against the rapper for his derogatory comments regarding Floyd’s murder during his ‘Drink Champs’ interview.

The rapper has also announced his plans to purchase the conservative social media platform Parler, from fellow controversial conservative commentator Candace Owens’ husband. In addition to developing his mini city called the “Yecosystem” allegedly.

Source: Forbes | Variety 

 

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