Kanye West addresses Adidas fallout in his return to Instagram: ‘I lost $2bn in one day’

Kanye West addresses Adidas fallout in his return to Instagram: ‘I lost $2bn in one day’

Kanye West has returned to Instagram to address the significant decrease in his fortune after Adidas and other brands cut ties with the rapper over his antisemitic remarks.

On Tuesday, the athletic company announced amid intense pressure that it would no longer be working with West following his “hateful and dangerous” comments.

“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said in a statement. “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.”

As a result of the company’s decision, West lost his billionaire status overnight, as his net worth plummeted from $2bn to $400m, according to Forbes, which reported that the Yeezy designer’s partnership with Adidas was worth $1.5bn.

His new $400m wealth estimate is based on his real estate portfolio, cash, music catalogue and a five per cent stake in ex-wife Kim Kardashian’s shapewear company Skims.

On Thursday, the rapper returned to his newly reinstated Instagram, which was banned after a series of antisemitic remarks, to reflect on the news that he “lost $2bn in one day” in the fallout over his comments.

In the post, which was addressed to Ari Emmanuel, the CEO of entertainment and media agency Endeavor, and captioned: “Love speech,” West wrote: “Ari Emmanuel. I lost $2bn in one day and I’m still alive. This is love speech. I still love you. God still loves you.

“The money is not who I am. The people is who I am.”

West’s post comes after Emmanuel wrote an op-ed about the rapper’s antisemitism in the Financial Times, in which he said that “those who continue to do business with West are giving his misguided hate an audience”.

“There should be no tolerance anywhere for West’s antisemitism,” he continued. “This is a moment in history where the stakes are high and being open about our values, and living them, is essential. Silence and inaction are not an option.”

Adidas’ decision to cut ties with the rapper came after West claimed in a since-deleted interview on the Drink Champs podcast earlier this month: “I can say antisemitic s**t and Adidas cannot drop me.”

Adidas is not the only company to sever its relationship with West, as Balenciaga, Vogue, Gap, and talent agency CAA all announced they would no longer work with the 45 year old moving forward.

In addition to acknowledging the monetary loss he’s suffered as a result of his antisemitic comments, West also used his return to Instagram to joke about cutting ties with himself.

“Had to cut ties bro,” he captioned a photo that read: “Ye has reportedly cut ties with Kanye West.”

The Independent has contacted a representative for West for comment.