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The
estimated $1.5 billion value of West’s Adidas deal is based on a
multiple of the partnership’s annual earnings, according to Forbes.
 Kanye West is no longer a billionaire.
He lost his status as a billionaire after Adidas ended a lucrative
Yeezy deal in response to his bizarre anti-Semitic scandal, according to
Forbes
Of West’s estimated $2 billion fortune, a whopping $1.5 billion was
attributable to his relationship with Adidas, Forbes said on Tuesday,
October, 25
The loss of the deal effectively erases that massive chunk of his
net worth, which is now estimated to be a comparatively paltry $400
million.
The estimated $1.5 billion value of West’s Adidas deal is based on a
multiple of the partnership’s annual earnings, according to Forbes.
The publication noted his remaining net worth is tied to his music
catalog, real estate holdings, liquid cash, and his 5% stake in Skims,
his ex-wife Kim Kardashian’s burgeoning shapewear brand.
“When you part ways with a massive company that is your distribution partner it has to have an impact on your bottom line,” Columbia University sports management professor Joe Favorito told The Post.
West has publicly accused the media for years of underestimating
the size of his business empire. During a controversial interview with
NewsNation’s Chris Cuomo earlier this month, an erratic West said “the
Jewish underground media mafia” was “attacking” him – in part by
misrepresenting his wealth.
“They never call me a billionaire,” West grumbled. “Hey, tycoon, billionaire, visionary, inventor — these are never used.”
In its report, Forbes said that West would contact the publication “every year” to complain about its valuations.
Estimates about the West’s wealth varied widely in recent years.
While Forbes placed the number at $2 billion, Bloomberg asserted in 2021
that he was worth as much as $6.6 billion.
Last year, The Post obtained financial documents suggesting the
overall value of West’s Adidas segment alone could be as high as $3.7
billion.
Adidas acknowledged that its decision to sever ties with West would have a “short-term negative impact” of approximately $250 million to its net income in 2022, due to its proximity to the critical holiday quarter.
In a note to clients, Baird analyst Jonathan Komp estimated the
Yeezy partnership generated about $1.8 billion in annual revenue and
“high-30% operating margin” for the company.
“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 said in a statement on its decision. “Adidas will stop the Adidas Yeezy business with immediate effect.” |
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