Kanye Loses Billionaire Status, Gap Removes Yeezy Merch: Report

Kanye is reportedly no longer a billionaire after his Adidas partnership was terminated Tuesday (Oct. 25)--among other business relationships that have dissolved following his anti-Semitic remarks per Forbes.

After bragging that Adidas wouldn't drop him on the since-deleted Drink Champs episode, Adidas released a statement of the termination of their relationship.

"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," the statement reads. "After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect."

The statement continues: "This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter. Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022."

Adidas partnered with West in 2013 and expanded their relationship in 2016 which they called it "the most significant partnership ever created between a non-athlete and an athletic brand."

Without Adidas, Ye is worth $400 million, Forbes reports.  "The remainder of Ye’s fortune, Forbes estimates, comes from real estate, cash, his music catalog, and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims," the publication noted. It added that a source close to Skims told Forbes "Ye hasn’t been involved with the brand since its 2019 launch."

Following his anti-Semitic remarks, Gap has also removed all Yeezy X Gap merchandise from its stores and has shut down YeezyGap.com, CNN reports.

“Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy Gap products from our stores,” the retailer said in a statement Tuesday.

“Antisemitism, racism, and hate in any form are inexcusable and not tolerated in accordance with our values. On behalf of our customers, employees, and shareholders, we are partnering with organizations that combat hate and discrimination,” Gap announced.

Kanye has not commented publicly on either Forbes or Gap's announcement.

Adidas has ended its partnership with Kanye West.

The decision was revealed via a statement on Adidas' website.

"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," the statement reads. "After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect."

The statement continues: "This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter. Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022."

Adidas partnered with West in 2013, and expanded their relationship in 2016 which they called it "the most significant partnership ever created between a non-athlete and an athletic brand."

The sportswear brand put its relationship with Ye under review after the rapper was seen wearing the 'White Lives Matter' shirt he designed for his YZY SZN 9 debut during Paris Fashion Week.

On Ye's since-deleted Drink Champs episode, the rapper said, "I can say anti-Semitic s--- and Adidas cannot drop me." Both the rapper's Instagram and Twitter have been restricted since posting anti-Semitic statements to both social media platforms.

Adidas is the latest to drop the rapper in the past week. A Vogue spokesperson told Page Six Friday (Oct.21) that "neither the magazine nor its editor-in-chief Anna Wintour intends to work with Kanye West again after his anti-Semitic rants and support for the White Lives Matter cause."

"Anna has had enough," an insider told the tabloid. "She has made it very clear inside Vogue that Kanye is no longer part of the inner circle."

Vogue has not made it clear what this will mean in practice for Kanye. He might never appear on the magazine's sites, or physical cover (including his clothing) again or at the very least he won't be welcomed to the exclusive Met Gala event held every year.

Balenciaga severed ties with the rapper last week as well.

Additionally, Camille Vasquez -- Johnny Depp's attorney in his defamation trial against Amber Heard-- reportedly cut ties with the rapper, according to Page Six. Ye hired her last week per TMZ.

His touring agent, CAA, has also dropped him, Deadline reported this week, in addition to his documentary has also been scrapped, Variety confirms. Studio executives Modi Wiczyk, Asif Satchu, and Scott Tenley from MRC announced in a memo on Monday (Oct. 24).

Take a look at how Twitter is reacting to Adidas dropping Kanye: