Rapper-cum-fashion entrepreneur Kanye West, who legally now goes by the moniker Ye, has finally spoken after losing billions on Tuesday when Adidas ended their lucrative deal with him.
adidas announced the decision to terminate its contract with Ye following a weeks-long barrage of antisemitic remarks made on social media and in national media appearances.
Kanye West had worked with Adidas since 2013 on his Yeezy line of sneakers which accounted for an estimated 4% to 8% of the sportswear company’s sales. For Ye, the deal accounted for $1.5 billion of his net worth. In just six years, the Donda rapper had gone from allegedly being $53 million in debt to being on the Forbes’ billionaire’s list thanks largely to the clothing deal with Adidas.
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| Kanye West |
Forbes used a multiplier of yearly earnings to determine the $1.5 billion value of the Adidas purchase.
When news of the termination was announced, Kanye West declined to give a comment to multiple publications. He has been unblocked on Instagram and one of his first posts is what he is referring to as a “love speech”.
The “love speech” by Kanye West is a response to losing billions in one day. He mentions that he lost 2 billion in one day and he is still alive. He mentions that he is not the money but the people. Kanye West said:
ARI EMMANUEL
I LOST 2 BILLION DOLLARS IN ONE DAY
AND I’M STILL ALIVE
THIS IS LOVE SPEECH
STILL LOVE YOU
GOD STILL LOVES YOU
THE MONEY IS NOT WHO I AM
THE PEOPLE IS WHO I AM
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