Following Kanye’s bump off the Forbes billionaire list after his fallout with Adidas, Jay-Z has now become the last and only rapper standing on the Forbes 2023 Billionaire list.
According to the list released by Forbes on the 4th of April, Jay-Z’s overall net worth grew from $1.5 billion to $2 billion in the fall mostly from the rapper and mogul’s various business ventures including but not limited to his liquor business and a chain of lounges and sports bars amongst others.
Although he is known to pile on his wealth and fortune through numerous entrepreneurial maneuvers, it was his signature liquor brand, SC Liquor that played a significant role in earning him both money and status. In 2021, having reached that billionaire mark, a chunk of his stake in the popular Ace of Spades champagne brand was sold to LVMH following which another majority stake in D’Usse which is also his cognac brand was sold in a billion-dollar deal to Bacardi.
He is also known to be a collector, in possession of some valuable art by legendary American artist Jean-Michel Basquiat as part of his portfolio in addition to shares in Uber and Block Finance.
This has however not been the case for Yeezy since his stint with Adidas and several other brands. Certain anti-Semitic rants and remarks were made by the rapper and fashion mogul in the latter part of 2022 which led to the mass termination of very lucrative partnerships and deals.
In a statement, Adidas whose partnership with the rapper was a major contributory factor to his Billionaire status cited his anti-Semitism comments as the reason for their decision to part ways with him. “Adidas does not tolerate anti-Semitism 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. In conclusion, it read, “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.”
This sent a massive shockwave as the rapper’s net worth was slashed by more than half due to the heavy involvement of the Adidas brand in his billionaire status. According to Forbes, it is estimated that his partnership with adidas accounted for about $1.5 billion leaving him with about $400 million after ties were severed with him.
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