Adidas Terminates Ye Deal, Bringing An End To His Billionaire Era And So Much More

Additional News: Pre-Adidas, CAA cuts ties and Kim Kardashian has lunch with Ivanka Trump and issues a statement

End of an era

News

Big headline news today with Adidas announcing it has cut ties with Ye because of his repeated antisemitic remarks. In a press release, the company stated, “Adidas does not tolerate antisemitism and any other sort of hate speech. 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.”

The termination is effective immediately, meaning the company will end production of Yeezy-branded products and stop all payments to Ye and his companies. The company says the move will cost up to €250 million of the company’s net income in 2022.

Notably, Adidas stated it’s “the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.” With a lot of questions unanswered, Adidas said it will provide more information as part of the compan…