JAY-Z has now become the last rapper standing on Forbes’ Billionaire List 2023, as Kanye West has been bumped off following his fallout with adidas.
According to Forbes‘ list released on Tuesday (April 4), the Brooklyn-bred rapper has grown his overall net worth from $1.5billion in the fall to a staggering $2billion, which has been helped on by his various business ventures including his liquor business, a chain of 40/40 sports bars and lounges, and more.
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While the “Family Feud” rapper amassed his fortune through a variety of entrepreneurial endeavors, it was his SC liquor company that really helped him reach that billion mark. In 2021, he sold a 50 percent stake in his champagne brand, Armand de Brignac (better known as Ace of Spades) to LVMH.
Afterward, Jay sold a majority stake in his cognac brand D’Usse to Bacardi in a massive billion dollar deal. Also included in his portfolio is valuable art by Jean-Michel Basquiat, and shares in companies such as Uber and Block Finance.
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However, things are not going as well for his former Watch The Throne partner-in-rhyme Kanye West. After several lucrative deals, including his adidas partnership, were terminated last October, the Chicago native lost his billionaire status.
Forbes estimated Kanye’s partnership with the German sportswear giant — with whom he developed the hugely successful Yeezy brand — accounted for $1.5billion of his net worth. Now that he’s been dropped by the company, Ye is reportedly worth closer to $400 million.
adidas cited Kanye West’s past anti-Semitic remarks when announcing its decision to cut ties with the controversial rapper/fashion mogul.
“adidas does not tolerate anti-Semitism and any other sort of hate speech,” a statement from the company read. “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.”
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The statement continued: “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. adidas will stop the adidas Yeezy business with immediate effect.”
