Kanye West has proven to be right regarding Adidas blocking his access to $75 million of proceeds from his Yeezy profits.
According to unsealed court documents obtained by Law360, unbeknownst to Yeezy, Adidas was given legal permission to freeze nearly $100 million in funds in November 2022 because of the Chicago rapper’s antisemitic remarks.
Kanye West did not get the opportunity to fight back against the legal order because it was an ex parte decision, meaning it was granted without waiting for a response from the other side.
Earlier this week, Adidas requested a New York federal court to uphold the $75 million freeze on Ye’s accounts as they seek out arbitration regarding the termination of their lucrative partnership.
Kanye revealed in an interview with celebrity gossip outlet X17 last November that he had a hunch about Adidas freezing his bank accounts.
He explained it was also one of the reasons why he’s running for president again in 2024, suggesting he would seek to change the laws and protect Americans along with their money.
“The reason why I’m announcing that I’m running for president is I want the FCC to look at my money,” Ye said. “If they actually see, I was looking at my money, and there might have been a possibility that Adidas wouldn’t have went into JP Morgan and froze my account and put a $75 million hold on four different accounts.”
He added: “I went from being a multi-billionaire to not even being able to use my Apple Pay four nights ago. I couldn’t use my Apple Pay because someone how Adidas was able to legally go in and freeze my money, and when I see this, I think, well, if this could happen to me, this could happen to other Americans, and for what?
“You know this can happen to an American that didn’t even steal anything, that didn’t even hurt anyone. This could just happen to you for saying the wrong idea out loud.”
Kanye West’s comments came shortly after Adidas severed business ties with him over his string of antisemitic remarks in both interviews and on social media.
The company issued a statement ending the union and said it expected to lose approximately $246 million in net income in 2022 after terminating their deal, while Bloomberg reported its shares fell by as much as 4.5 percent.
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the statement 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.”
It 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.”
Ye’s pockets also took a hit as he lost his status as a billionaire. The G.O.O.D. Music founder, who was worth an estimated $1.5 billion prior to the termination, saw his net worth get slashed to around $400 million.
What a platform to run on. I got screwed out of money because of my own actions, so I’m going to run for president to get my money back. Should play out well during the debates…..that he won’t be invited to….
It’s all fun and games cause it’s Ye but this was not money owed it was money in personal accounts already paid to him if your job didn’t like your post you just made they gonna go into your checking and freeze your money. People always think it’s okay because it’s this person but it has happened to a lot of regular people and that’s what’s scary
So basically you say something that some people don’t like and i can take your money for that,dammm i could be a billionaire because i hear shit i don’t like all the time.
I personally will try to repay all 75 million dollars directly to my lord and master Kanye Omari West!!!
I personally will try to repay all 75 million dollars directly to my lord and master Kanye Omari West!!!
crazy that corporations have the power to freeze your personal account. Maybe it was a corporate account.
He had is millions in a Corporate account, not personal account.
When will black ppl learn? No, it’s called they make the rules. And they can broke the rules. This PRIVILEGE doesn’t apply to black folks. They don’t get that opportunity. It’s funny how ppl focus on all the bad things that black folks do. When they’re doing the exact same things. It’s coming to you. Boldly and they’re bringing it straight to your face. While the brainwashed focus on black folks. The real culprits are doing the worst damage. And by the time it’s over with everyone who is black will have there bank accounts froze by the government. How are you going to hire an attorney to fight back and you don’t even have access to your funds. Guess what ain’t s*** gonna be done about it either. Wake up and stop trusting these ppl. They’re aren’t you’re friends. SO STOP TRUSTING THESE PPL. While they’re on their private island. Paid for by you! They’ll be sitting there watching you on a music video and laughing. Dumb a**
dude should learn about this thing called cash or bitcoin even maybe exra insurance on accounts you conrol tha adidas knows nohing about instead of leta massa holda ya money, dudes kids kids will be white as snowflakes dude killed off his black bloodline lmao mama must be proud of all thta snow dilluting hem king genes
The reason? Anti Semitism. I think…I don’t think he’s paying much attention…he apparently is not alone…fin
billionaire using apple pay is HILARIOUS clown
A billion aire can use any kind of(pay)they want! What’s wrong with you?And if you have to call him clown add RICH before.Now who’s the clown?
dude has his apple pay tied to an account wih 75 million in i is clown ish
cash is accepted everywhere u a billionaire should be least 5 bands in each pocket lmao grandpa out here acting like a snowflake dependent on apps, he shouldnt even have a smart phone jus a flip for emergency pretty sure security wihin 50 feet everywhere he go but still needs to blog haha how insecure can u be?
You have no clue what Billionaires do so stop with the judgement of something you can’t begin to understand you will die and never reach half his wealth or accolades
Ye has apologized. He earned the money.