what does kanye west eatLeaving Adidas would drop the volatile superstar from billionaire status

when forbes Kanye West is $1 billion net worth Two years ago, the reaction was swift from the newly minted billionaire, who had long claimed to have already taken the position.

‘That’s not a billion,’ West texted forbes“No one, so $3.3 billion forbes know how to count ”

The superstar rapper, who uses his legal name Ye, is now putting his $1 billion net worth in jeopardy, and this week he went with Corporate America, the very source of his fortune. Just a week after saying he wanted to end the altercation in the wake of Queen Elizabeth’s death, he took a fresh beef reveal and told clothing chain Gap he was ending his contract with them. wall street journalThe rift seems to have been mutual. Gap President and CEO Mark Breitbard said in an email to Gap Inc. employees Thursday afternoon that Gap is “deciding to end its partnership” with his Yeezy Gap. , added:how We are working together to realize this vision, but we are not aligned. forbes.

The move followed a months-long sniping at Adidas, the sneaker company that pays about $220 million a year for the rights to sell Yeezy sneakers.

“You really have to give me a position to be Ye and let me do what I think,” he told Gap executives in an Instagram video in August.

The Yeezy and Gap partnership got off to a slow start, resulting in forbes It was of little value compared to West’s partnership with Adidas. forbes West’s Adidas deal estimated to be worth $1
$5 billion based on multiples of annual revenue. (latest document given by West forbes Yeezy Gap full-year financial results are not included). forbes West is currently valued at $2 billion. This includes stakes in his ex-wife Kim Kardashian’s shapewear line Skims, real estate, cash, and related assets from his multi-platinum his music career. .

What jeopardizes Ye’s long campaigning billionaire status is his relationship with Adidas. Losing the footwear giant would put his fortune well below his $1 billion. forbes Estimate, the fall that will come even when he shakes his inner circle. At least two of his senior members of his team have retired since late 2021. The communications officer, who requested anonymity for fear of violating a non-disclosure agreement, and entertainment attorney Miles his Cooley. Before that, the billionaire rapper ditched his finance and accounting department and replaced it with giant global accounting firm Cohn Resnick. Michael Cohen — Donald Trump’s fixer was infamous only a few days ago — told Bloomberg West hired him due to personal issues, but he was no longer working with the rapper.

Cooley declined to comment, citing confidentiality. The head of public relations and a representative for Cohn Resnick did not respond to questions. “I don’t think we need to discuss the terms of our relationship with Ye,” Cohen said forbes Via text message.

Gap hasn’t reported individual results for the Yeezy, which launched in a big way last year, but has since received more modest support from retailers. The quarterly report makes no mention of Yeezy at all, but Gap’s 2021 annual report only confirms the brand’s name once, on page 33. gap. “

of wall street journal West reported Thursday that West sent a letter through his lawyer to Gap indicating his intention to end the partnership, even though he has a contract with the retailer through 2026. It claims it violated the agreement by not opening a dedicated store and failing to release clothing. In an email to Gap employees, Breitbard said not.

It hasn’t even been two years yet, but the relationship was strained for a while after reports emerged that Gap was frustrated with Yeezy’s slow product rollout in late 2021. It shut him out of the creative process and accused him of copying his designs.

Conflict is nothing new to West. He had a long-running feud with Taylor Swift. Her divorce from Kardashian was controversial, and he published an offensive social media post about her when she was dating comedian Pete Davidson.Two years ago, he tweeted Called her group at Universal Music, post Dozens of pages of his recording contract refer to the music industry as “modern slavery.” West revealed in 2018 that he was diagnosed with bipolar disorder.

Representatives for West, Universal Music Group, Gap and Adidas did not respond to requests for comment.

https://www.forbes.com/sites/lisettevoytko/2022/09/15/whats-eating-kanye-west-leaving-adidas-would-drop-the-volatile-superstar-from-billionaire-status/ what does kanye west eatLeaving Adidas would drop the volatile superstar from billionaire status

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