Ye Is No Longer a Billionaire Following Adidas Deal Fallout
Foot Locker has also followed suit and pulled all YEEZYs from online and in-store sales.
Ye‘s fallout from his antisemitic comments continues to pick up steam as brands drop their association with him, one by one.
With each day, companies are making public statements to distance themselves from the YEEZY brand. Amongst those that have followed in the footstep of adidas terminating its partnership with Ye, Foot Locker has released an internal message to its staff in stores that they will no longer be stocking YEEZY shoes. The stores were told to place a hold on YEEZY sneakers in their backroom, announcing that all brands under the Foot Locker, Inc. umbrella will follow this instruction. Later, the company released a formal statement, “Foot Locker, Inc. does not tolerate any form of antisemitism, or hateful and discriminatory behavior. While we remain a partner with Adidas and carry a wide assortment of their collections—we will not be supporting any future Yeezy product drops, and we have instructed our retail operators to pull any existing product from our shelves and digital sites.”
Not only has the fallout with adidas escalated the decisions of other retailers to drop Ye’s products, but the loss of the deal has also caused Ye to no longer be a billionaire. According to Forbes‘ most recent report, the publication took a closer look at Ye’s current net worth. After adidas dropped Ye, Forbes indicated that the move caused the designer’s net worth to take a major hit. Ye has now lost an estimated $1.5 billion USD, which was the cost of the deal. Currently, Ye’s net worth has been brought down to $400 million USD, the remaining assets from his extensive music catalog, liquidity in cash, non-liquid real estate and a reported 5% share of Kim Kardashian‘s Skims brand.
It remains to be seen what other brands will be dropping Ye after his antisemitic comments.
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