Kanye West dug his own grave in terms of financial status! The business mogul is no more a billionaire following the industry boycott. For the past several weeks, the Yeezy founder has come under fire for various statements, fashion or verbal. The downfall of Kanye commenced after the rapper and accompanying models wore a ‘White Lives Matter’ Paris Fashion Week, sending shockwaves across the industry. The statement gave rise to a boycott by several big names in the industry.
The ‘Donda’ rapper crossed all the limits when he posted anti-Semitic posts on his Twitter and Instagram handles. This led to the beginning of the end! Industry giants started pulling the plugs from deals and projects. This boycott from high-end brands like Adidas, Balenciaga, and the cancellation of shows and shelving of projects have jeopardized his position as a billionaire. Let’s look at the journey of how the rapper dethroned himself as a billionaire.
Also Read: Is This The Beginning Of The End Of Kanye West?
‘The Domino Effect’: Kanye West Had His Arrogance Instigate The Boycott
In September 2022, Ye terminated the deal with Gap due to non-compliance with certain agreements. He was not satisfied with the expansion of the Yeezy retail stores. During the termination, he said, “Everyone knows that I’m the leader, I’m the king. A king can’t live in someone else’s castle. A king has to make his own castle.”
They struck a deal in 2020 at the height of the pandemic. Gap was on the verge of a downfall, but the partnership with Yeezy provided the company with a boost due to the signature “street cred” that Kanye got with Yeezy. Kanye realized that Gap needed help, so he came on board. This may have created a “savior complex” in him which boosted his morale and ego.
Kanye may have imbibed the Jay-Z lyrics, “They need me, I don’t you”. He felt that it is he who will be a savior for the other brands. This egoistic thought became a stepping stone for his destruction. This thought gave him the power to behave however he wanted. On top of that, Kanye used his ‘mental illness’ as a card to validate his behavior. So, without any fear of consequences, West continued to say things unfiltered. So, after the Paris Fashion Week debacle, the rapper shamelessly defended his move. But, along with it, offended another community of people.
West went on a social media frenzy and to unfathomable extents to express his opinions under the garb of free speech. Attacking Jews, he wrote, “I’m a bit sleepy tonight but when I wake up I’m going death [sic] con 3 On JEWISH PEOPLE The funny thing is I actually can’t be Anti Semitic because black people are actually Jew also You guys have toyed with me and tried to black ball anyone whoever opposes your agenda.”
This statement of Kanye set the ball rolling. In addition to his already defeating comments, Kanye perpetuated his hate-mongering behavior by spewing more hate against the community.
The Price Kanye West Paid For His Arrogance
Just in one month, we saw multiple layers of Ye’s arrogance. In the garb of mental health, he called the POTUS ‘f***ing retarded’, because he can! Though late, the industry started reacting to Kanye’s antics. As soon as the ‘WLM’ incident happened, Adidas put the deal with Kanye under review. The effect of his frenzy was trickling down in the industry. CAA, the company that represented Kanye as its talent, dropped him. Another label, UTA’s Jeremy Zimmer wrote an email calling for canceling Kanye West. The email said, “We can’t support hate speech, bigotry, or anti-Semitism. Please support the boycott of Kanye West.”
The longest-sustaining business relationship that Kanye had was with Balenciaga. However, the Spanish streetwear brand also severed ties with him. A representative cited, “Balenciaga has no longer any relationship nor any plans for future projects related to this artist.” This did not affect the ‘College Dropout’ rapper at all. He said, “I ain’t losing no money. They never pay me anything…The day I was taken off the Balenciaga site, was one of the most freeing days.” The arrogance continued.
But, the biggest blow that came was from Ye’s longest collaborator Adidas. In light of his anti-Semitic comments, Adidas terminated the deal and severed its ties with him. In a statement, the company said, “After a thorough review, the company has decided 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.”
The Rapper Derailed Himself From The Billionaire Journey
The year 2020 was a golden year for the rapper as he entered Forbes’ list of billionaires. However, he told the magazine, “It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”
The Gap deal was already reported to bring in $1 billion in business. The valuation of the collaboration with Adidas was $1.5 billion. But, it was estimated that if he pulls the plug on the deal, his earnings will surely slide below $1 billion, kicking him out of the race. So, the arrogance that came from the ‘savior complex’ and the industry finally getting together and having a spine, Kanye’s journey of becoming a billionaire was not halted, but it is completely derailed now.
Also Read: “They Got The Idea From Me”: Kanye West Claims ‘Django Unchained’ Story Was Stolen From Him
