Kanye West has lost his billionaire status, according to Forbes, after Adidas ended a lucrative Yeezy apparel deal in response to his string of percieved anti-Semitic statement.
Of West’s estimated $2 billion fortune, $1.5 billion stems from his relationship with Adidas, Forbes said Tuesday. Losing the deal effectively wipes out that huge chunk of his net worth, now estimated at a comparatively paltry $400 million.
The estimated value of West’s $1.5 billion deal with Adidas is based on a multiple of the partnership’s annual revenue, according to Forbes.
The publication noted that his remaining net worth is tied to his music catalog, real estate holdings, cash and cash equivalents, and his 5% stake in Skims, the growing clothing brand of his ex-wife Kim Kardashian.
“When you part ways with a big company that is your distributor, that has to impact your bottom line,” Joe Favorito, a professor of sports management at Columbia University, told The Post.
For years, West, who changed his name to Ye last year, has publicly accused the media of underestimating the size of his business empire.
During a controversial interview with NewsNation’s Chris Cuomo earlier this month, an unpredictable West said that “the Jewish underground media mafia” was “attacking” him – in part for misrepresenting his wealth.
“They never call me a billionaire,” West grumbled. “Hey tycoon, billionaire, visionary, inventor – this is never used.”
In its report, Forbes said West would contact the publication “every year” to complain about its ratings.
Estimates of West’s net worth have varied greatly in recent years. While Forbes put the value at $2 billion, in 2021 Bloomberg claimed it was worth up to $6.6 billion.
Last year, The Post received financial documents showing that the total value of West’s Adidas segment could reach $3.7 billion.
Adidas acknowledged that its decision to cut ties with West would have a “short-term negative impact” on its 2022 net income of around $250 million due to the proximity of the critical holiday quarter.
In a note to clients, Baird analyst Jonathan Komp estimated that the partnership with Yeezy generated approximately $1.8 billion in annual revenue and a “high operating margin of 30%” for the company.