Kanye West, now legally known as Ye, has been dropped from a string of companies following his most recent conduct, including several anti-Semitic comments and diatribes.
The rapper responded to his verified Instagram account late Thursday night with a meme brazenly declaring that Kanye West had cut ties with Ye amid the backlash.
“Had to cut ties bro,” he wrote in the post.
West then sent a letter of sorts to Ari Emmanuel, the CEO of Endeavour, who in an interview with the entertainment executives and companies called for a boycott of Ye and his affiliates. Financial times.
“I lost $2 billion in one day and I’m still alive,” the message reads. “The money is not who I am. The people are who I am.”
West’s Instagram posts came shortly after the rapper was escorted from Skechers headquarters to appear.
Emmanuel wasn’t the only entertainment executive to have words for West.
Spotify CEO Daniel Ek convicted the rapper’s comments in an interview, calling his comments “terrible” but explaining that Ye’s music would not be removed from the streaming platform because the music itself does not violate Spotify’s policies.
Donda Academy, the controversial private school founded by Ye, is also reportedly closed for the rest of the school year, according to screenshots of emails sent to parents obtained by the London times.
The massive fallout started when Adidas announced on Tuesday that it was ending her partnership with Ye on “immediate” grounds, including ending production of Yeezy-branded products.
In a statement, the company said the decision is “expected to have a near-term negative impact” — an estimated $250 million — on the company’s total net revenues for 2022, adding that more information will be provided. during the earnings of Adidas in the third quarter of 2022. announcement expected on November 9.
However, Adidas wasn’t the first company to drop the rapper amid backlash and outcry.
In September, Gap and West ended their business partnership after West and his team wrote a letter to the company alleging that the retailer did not comply with the terms of their original agreement, which was to sell Yeezy Gap products in-store.
This week, Gap announced that it would immediately remove all Yeezy Gap products from the shelves and close YeezyGap.com.
Foot Locker joined Gap on Tuesday in making the decision to remove all Yeezy products (namely sneakers) from its shelves, reportedly instructing employees to keep the product in the back room.
“We will not support future Yeezy product drops,” the company added.
Also this week, several athletes from West’s sports marketing agency, Donda Sports, denounced Ye’s public comments and cut ties with the company, including Aaron Donald and Jaylen Brown.
— Jaylen Brown (@FCHWPO) October 25, 2022
— AD_99 (@AaronDonald97) October 25, 2022
fashion house Balenciaga told WWD earlier this week that it is “out of a relationship and has no plans for future projects related to” Ye.
Long time Fashion Editor-in-Chief and Global Chief Content Officer for Condé Nast Anna Wintour said in a statement that neither they nor the magazine plan to ever work with West again in any capacity.
West was too dropped by his talent agencyCAA, and a recently filmed documentary about the rapper has been removed from distribution. The production company, MRC, told the LA Times in a letter that it “cannot support content that enhances Ye’s platform”.
It was also much reported that JP Morgan has cut ties with Ye, but there is no confirmation or follow-up from the bank.
At the time of going to press, Ye had not publicly commented on the termination of his partnership with Adidas.
What’s next for Yeezy?
Adidas continues to be the “sole owner of all design rights to existing products, as well as previous and new colorways” in its partnership with Ye and its Yeezy brand.
Bloomberg reported on Tuesday that Adidas will continue to sell Yeezy products under the Adidas brand and name as early as next year.
“Looking forward, in our view, the company will not sell Yeezy-branded products and all Yeezy products will be branded under the Adidas brand,” Morgan Stanley analyst Edouard Aubin told customers in a note on Tuesday, according to the publication.
Why did companies start dropping Ye?
The company is under increasing pressure to cut ties with the rapper after his October 16 appearance on the Drink Champs podcast where he stated, “I can say anti-Semitic things, and Adidas can’t drop me. Now what? Now what?”
The world is watching @adidas
— Kat Dennings (@OfficialKat) October 23, 2022
The silence of @adidas is now deafening. The world is watching.
— Adam Braun (@AdamBraun) October 25, 2022
Among those making a statement is Ye’s ex-wife, Kim Kardashian, who condemned the “terrible violence and hateful rhetoric” via social media.
Hate speech is never okay or excusable. I stand with the Jewish community and call on the appalling violence and hateful rhetoric against them to end immediately.
— Kim Kardashian (@KimKardashian) October 24, 2022
Adidas said earlier this month that their partnership with the rapper was “under review” following a slew of messages from Ye attacking the company, claiming that the athletic brand was “putting up” its designs. He then sent “White Lives Matter” T-shirts down a runway during Paris Fashion Week.
Ye’s partnership with Adidas was first announced in 2013 and officially inked in 2016 as Adidas + Kanye West, a “YEEZY brand name that makes shoes, apparel and accessories for all genders on the street and in sports.”
According to the Washington Post, Yeezy is estimated to generate about $2 billion a year for Adidas, the equivalent of about 10% of the company’s annual income.
The termination of the deal is expected to seriously affect Ye’s net worth, as Yeezy was reportedly responsible for $1.5 billion of the rapper’s approximately $2 billion.
per most recent reportsYe has now lost billionaire status and his net worth is now estimated at around $400 million.