Kanye West has lost his spot on the Forbes billionaires' list after Adidas confirmed they have terminated their partnership with the rapper.
The German sportswear company branded Ye's racist tweets as "unacceptable, hateful and dangerous". They join Gap Inc. and Kering SA’s Balenciaga fashion label in cutting ties with the 45-year-old.
Ye's contract with Adidas accounted for around $1.5billion (£1.3billion), according to the US business magazine.
Earlier this year, the musician was ranked number 1513 on Forbes’ rich list. He was valued at $2billion (£1.5billion) due to his lucrative fashion brands and a multi-year deal to design his trainer brand Yeezy for Adidas.
Following the ending of the partnership, Forbes estimated his value to be $400million (£349million) – stemming from "real estate, cash, his music catalogue, and a 5% stake in ex-wife Kim Kardashian ’s shapewear firm, Skims".
Kanye's removal from its list capped off a "years-long saga," with the rapper claiming his net worth was "undervalued". He once claimed "no one at Forbes knows how to count".
On Tuesday Adidas said it was ending production of its Yeezy branded products, produced in collaboration with Kanye, with "immediate effect".
In a statement, the company said: "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.
"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."
Adidas expects the decision to have a "short-term negative impact of up to 250 million euro on the company’s net income in 2022 given the high seasonality of the fourth quarter."
The company added that it remains "the sole owner of all design rights to existing products as well as previous and new colourways under the partnership."
Ye was criticised earlier this month for wearing a 'White Lives Matter' T-shirt during Paris Fashion Week.
In the last few days, his ex-wife Kim Kardashian and members of her family have called for an end to the "terrible violence and hateful rhetoric" towards the Jewish community.
It comes after demonstrators in Los Angeles unfurled banners on an overpass on Sunday, praising West following his antisemitic public statements.
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