Kanye West Net Worth Plunges By $1.5 Billion After Adidas Ends Deal

Kanye West has been kicked out of Forbes' billionaires list after his net worth reportedly shrank by $1.5 billion.

Following the 45-year-old rapper-turned-designer's antisemitic remarks on social media and in interviews, Adidas decided to cut ties with West and end the production of Yeezy-branded products immediately.

"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 German company said in a statement released Tuesday.

It continued, "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."

According to Adidas, the contract termination is expected to have a "short-term negative impact" of up to €250 million ($248.8 million) on the company's net income this year.

Forbes valued West's share of the Adidas partnership at $1.5 billion. The loss of the deal erased that chunk of the rapper's net worth, which Forbes previously put at around $2 billion but now estimates to be $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 the magazine.

West's remaining net worth comes from his music catalog, real estate holdings, liquid cash and his 5% stake in his ex-wife Kim Kardashian's shapewear brand Skims, Forbes said.

Adidas's move came after Balenciaga, Gap and JPMorgan Chase all cut ties with West, who has espoused antisemitic views on several occasions in recent weeks.

The French fashion house founded by Cristóbal Balenciaga Eizaguirre cut ties with the rapper Friday, while Gap ended its partnership with him in September by removing Yeezy Gap products from its stores and shutting down YeezyGap.com.

MRC Entertainment also decided to shelve a recently completed documentary about the "Donda" artist, saying in a letter obtained by the Los Angeles Times that it "cannot support any content that amplifies his platform."

"Kanye is a producer and sampler of music. Last week he sampled and remixed a classic tune that has charted for over 3000 years - the lie that Jews are evil and conspire to control the world for their own gain," MRC said.

"Lies are an important part of all discrimination, and this one is no different. When well crafted, they create the illusion that the action is just, that the bigot is 'punching up' at the victim," the letter continued. "It's critical to antisemites, who must explain why they are attacking a people that comprise less than half of one percent of the world's population. Not a fair fight, numbers-wise. But if the Jews are ultra-powerful because of secret evil plots, well, the argument is, it must be fair and ok."

The company added that the silence from leaders and corporations regarding West's antisemitism was "dismaying but not surprising."

MRC's statement was released after talent agency CAA's decision to remove West from its client list, according to The L.A. Times.

In recent weeks, the rapper's Twitter and Instagram accounts were also restricted following posts that included antisemitic and racist comments.

West or his representatives have yet to release an official statement regarding the end of his deal with Adidas.