Several media outlets have predicted that if Kanye West does not act soon, he will likely face financial difficulties in the coming months.
Here’s everything you need to know.
Kanye West loses contracts with Adidas and Gap.
Kanye West is known to have five main sources of income: Adidas contracts, partnerships with Gap, music catalogs, new song sales and concerts.
However, 4 of the sources were either completely closed or severely damaged the Donda wrapper.
Aside from that, Gap owes West some money for the YEEZYxGAP product after the close of the transaction.
Kanye West is no longer a billionaire after Adidas cut ties with him, Forbes reports.
After losing Adidas, his net worth plummeted to $400 million and he is no longer on Forbes’ list of billionaires. pic.twitter.com/8zyQqJVjC
— Pop Base (@PopBase) October 25, 2022
In addition, West, now active as Ye, was originally scheduled to perform at Sophie Stadium in Los Angeles on November 4th. However, the venue is said to have canceled his performance. Therefore, the 45-year-old singer currently no longer has shows or concerts.
Meanwhile, insiders have argued that if West releases new music or a new album, ‘they won’t get as much as the previous one’.
They added, ‘He’s won several Grammys and he has so many followers that his album went platinum in an instant.’
Other companies that have publicly cut ties with Kanye West
TJX Companies released a statement on Wednesday announcing that they would no longer be selling Kanye West’s apparel.
A representative spoke on behalf of the company while talking to CBS News.
They say, ‘At TJX, we do not tolerate discrimination, harassment or hatred of any kind. We have instructed our purchasing team not to purchase this product for sale in any store in the world.’
Balenciaga, who was also partnering with West, said, “We have no further relationship with this artist or any plans for future projects.”
As you may not know, West faces repercussions from his controversial behavior over the past few months.
Fans started gofundme to make Kanye West a billionaire again. pic.twitter.com/m8XOzsQgWR
– Kimchi! 👄🧀 (@SaycheeseDGTL) October 30, 2022
Since then, several brands and organizations have stopped the partnership due to West’s problematic behavior.
Dad of four wore ‘White Lives Matter’ last month. He was banned from Instagram and Twitter for sharing anti-Semitic messages on social media.
In one of his tweets, he wrote threatening to ‘die’. [sic] Prisoner 3′ to the Jewish community.
Some celebrities, such as Gigi Hadid, Kendall Jenner and Hailey Bieber, called West his remarks.