Kanye West Returns To Instagram With Statement On His Financial Ruin
The fierce blowback from Kanye West's antisemitic remarks has dealt his bank account a major hit. According to Forbes, it was Adidas' decision to cut ties with Ye that stripped the Yeezy creator of his billionaire status. "Adidas does not tolerate antisemitism and any other sort of hate speech," the company said in a press release. "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."
Ye's lucrative partnership with the sportswear brand had boosted his net worth by an estimated $1.5 billion, per Forbes, and now he's worth a reported $400 million. Adidas' move came after Ye boasted on the podcast "Drink Champs" that the company would not end its business deal with him over his antisemitic comments. Billboard reports that the podcast interview has since been removed — meeting the same fate as Yeezy products on Foot Locker shelves (per Footwear News).
Ye will also no longer subject Balenciaga designs to a mud bath, as the luxury fashion label told Women's Wear Daily that it has no plans to work with him again. The talent agency CAA dropped him as well, per Deadline, and an insider told Page Six that both Vogue and editor-in-chief Anna Wintour are severing ties with Ye. Now, the singer has broken his silence about his busted piggy bank and the exodus of industry allies.
Kanye West expresses love for one of his critics
This media firestorm began when West threatened to go "death con 3 on JEWISH PEOPLE" in a tweet that got him suspended from Twitter, per NPR. Ari Emanuel, CEO of Endeavor, urged businesses to cut ties with Ye in response. In a Financial Times op-ed, Emanuel wrote, "Those who continue to do business with West are giving his misguided hate an audience. ... Silence and inaction are not an option." He also offered to help Ye get educated about the repercussions of his behavior and the pain he's caused.
On October 27, 2022, Kanye West took to Instagram to address the impact his antisemitism has had on his finances, but he offered no apologies for his actions and didn't accept Emanuel's offer for education. "Ari Emanuel, I lost 2 billion dollars in one day and I'm still alive," the post read. "This is love speech. I still love you. God still loves you. The money is not who I am. The people is who I am."
While TMZ reported that Ye made an unannounced visit to Skechers headquarters after Adidas kicked him to the curb, he didn't seem too concerned about staunching his financial bleeding, hitting Instagram to share a screenshot of a parody headline reading, "Ye has reportedly cut ties with Kanye West." So far, there's no word on whether his financial losses have impacted his plans to purchase the right-wing social media platform Parler.
Ye is still posting about Donda Academy
Following his post addressed to Ari Emmanuel, Kanye West uploaded another image to Instagram — this one apparently a screenshot of a joking post by 50 Cent with a parody headline reading: "Curtis Jackson has reportedly cut ties with 50 Cent." Fifty captioned his post, "I'm getting rid of anybody who can get me f***ed up like Kanye right now!" In response, Ye wrote on Instagram, "We got Donda school designs we need to build with 50 in Houston."
By "Donda," Ye is presumably referring to his Donda Academy, which the rapper has also lost in the wake of his antisemitic commentary. According to Pitchfork, the private school "abruptly" closed for the remainder of the school year, though it will remain open for worship. The mysterious academy's sudden shuttering comes after one educational consultant resigned following Ye's "death con" tweet and the school's boys' basketball team was disinvited from two tournaments.
Based on his Instagram posts, Ye does not seem to anticipate the academy's closing to be a permanent thing.
Kanye West is still bleeding support
Kanye West may not seem worried about his biggest career blows, but the fallout from his antisemitism shows no signs of stopping — and neither do the revelations of Ye's allegedly long history of antisemitic remarks. CNN has reported that an unnamed business executive who formerly worked with Ye claimed that the rapper would often praise Adolf Hitler, and even wanted to name an album after the Nazi leader.
Meanwhile, Texas A&M's football team has announced that it will no longer be playing West's music during games, according to Fox News, a gallery space in Miami is suing the rapper for nonpayment, per the Miami Herald, and a mural of Ye in Chicago has been painted over, according to Block Club Chicago. Even if the rapper's next social media post is a long and heartfelt apology taking accountability for his antisemitic remarks, it looks like it's already too late to salvage any of his income or his image.