The sports fashion brand, Adidas, has decided to end its partnership with Kanye West due to offensive and anti-Semitic comments made by the rapper, which obviously go against the values upheld by the German company.
“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 rapper allegedly wore a T-shirt that read “White Lives Matter,” in addition to anti-Semitic comments made by Kanye on social media amid the chaos of Paris Fashion Week.
The troubles for Kanye West do not cease
A few days ago, JP Morgan also reportedly closed Kayne West’s Yeezy LLC bank account without disclosing the reason. Which is why, after this fact, Kayne allegedly went around wearing a cap with the logo of Bitcoin.
JP Morgan gave Yeezy LLC and West until 21 November 2022 to transfer account funds of about $140 million elsewhere, following the rapper’s formal breakup with the financial institution.
Crypto and free speech
Whether one agrees or disagrees with West’s statements does not detract from the fact that actions such as the one taken by JPMorgan Chase against Ye and the one attempted by PayPal a few days ago with its attempt to introduce $2,500 “penalty” against those who spread fake news are an invasion of free speech that crypto instead protects given their censorship-resistance and decentralization.
Trouble for Adidas and the end of the partnership with Kanye West
The end of this partnership also leads to the immediate termination of products from the Yeezy collection, which was precisely launched by Kanye West with Adidas in 2016.
According to Adidas’ statement, this termination of the contract with Kanye West-which had been going on since 2013-will result in a loss in the “short term” of about $250 million in net earnings during 2022.
It is not for nothing that the Adidas (ADS) stock on the Frankfurt Stock Exchange fell 3.20% today, marking $99 and thus approaching its annual low of $94. In one month, however, this is a loss of almost 25%.