Adidas has terminated its contract with rapper Kanye West after he made antisemitic remarks. .“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,” said Adidas in a Tuesday press release.“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.” .West blamed Jewish media and Zionists for alleged misdeeds on Oct. 16, stating “Jewish people have owned the black voice.” .“The Jewish community, especially in the music industry, they’ll take us and milk us till we die,” said West. .He made similar remarks on Oct. 17, criticizing the “Jewish underground media mafia” and alleging “every celebrity has Jewish people in their contract.”.The release said Adidas does not tolerate antisemitism or any other form of hate speech. It said the company will stop selling West’s Yeezy brand immediately. .This is expected to have a short-term negative impact of up to $184.4 million on the company’s net income in 2022 because of the high seasonality of the fourth quarter. .The release went on to say Adidas is the sole owner of all design rights to existing products and previous and new colour schemes under the agreement. More information will be given as part of its third quarter earnings announcement on Nov. 9. .West said Monday Adidas could not drop him, despite his comments fueling calls for a boycott. .His personal fortune is likely to take a hit, with his net worth dropping from $2 billion to $400 million. .Balenciaga, Gap, and JPMorgan Chase cut ties with him after his antisemitic remarks. Creative Artists Agency stopped representing him..West’s net worth could go back up because he purchased Parler. .READ MORE: Ye, formerly known as Kanye West, acquiring social platform Parler."Parlement Technologies has entered into an agreement in principle to sell Parler to Ye (formerly known as Kanye West)," said Parler CEO George Farmer. ."Ye is not only a music & apparel titan but he, like Parler, has faced senseless and unnecessary censorship and cancellation by Big Tech.”
