Ukpono Anietie, PH
German Multinational Corporation, Adidas have terminated Kanye West Partnership with the company over his antisemitism remark.
It was reported that the rapper made a disrespectful tweet targetted at the Jewish Community, which violated twitter rules, hence, the tweet was deleted and his account temporarily locked.
From the screenshot of the deleted tweet, he stated that, he would go “death con 3 on JEWISH PEOPLE”.
In an official statement released on Tuesday on the Adidas’ website, the company said they have decided to cut ties with the American rapper, Ye.
According to the statement, “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.
This is expected to have a short-term negative impact of up to €250 million on the company’s net income in 2022 given the high seasonality of the fourth quarter.
The statement further reads, “Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”
Kim Kardashian on twitter frowned at the antisemitic remarks made by the ex-husband, Kanye West.
According to Forbes, “The superstar rapper no longer has a place on the Forbes billionaires’ list now that his lucrative deal with Adidas is over.”
The rapper’s net worth now stands at around $400 million.
It is also reported that several brands have ended their relationship with the rapper.