Diddy Dethrones Kanye West on Hip-Hop Rich List After Ye Loses Billionaire Status
29th October 2022

The ‘Donda’ artist and Yeezy designer is no longer a billionaire after Adidas cut ties with him amid his anti-Semitic scandal, making him lose an estimated $1.5 billion.

AceShowbiz -Sean “P. Diddy” Combs has overtaken Kanye West on the Hip-Hop rich list. The “Gotta Move On” hitmaker has surpassed the rapper-turned-designer on the coveted list after the latter lost his billionaire status amid his controversies.

For the record, Ye is no longer billionaire after Adidas cut ties with him amid his anti-Semitic scandal. According to a new report published by Forbes on Tuesday, October 24, his current net worth has been brought down to $400 million after losing the deal, which was estimated at $1.5 billion, with the world-renowned athletic wear company.

The report added that the Yeezy designer’s remaining assets that make up the $400 million net worth are comprised of his extensive music catalog, liquidity in the form of cash, non-liquid real estate and a reported 5 percent share of his ex-wife Kim Kardashian‘s SKIMS brand.

As a result, Diddy has replaced Ye on the list of rap’s top five richest moguls. He is now valued at an even billion, thanks to his longtime partnership with Ciroc, DeLeon tequila and his media network Revolt. He becomes the second wealthiest rapper behind Jay-Z, whose net worth is $1.5 billion.

While Adidas has officially cut ties with Ye, Gap and Foot Locker announced in their respective statements that they’re planning to remove Yeezy products from their stores. “Foot Locker, Inc. does not tolerate any form of antisemitism, or hateful and discriminatory behavior,” the company wrote in a statement.

“While we remain a partner with Adidas and carry a wide assortment of their collections – we will not be supporting any future Yeezy product drops,” the message added. “And we have instructed our retail operators to pull any existing product from our shelves and digital sales.”

Gap, which has shut down YeezyGap.com, declared, “Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy Gap product from our stores.” The retailer continued, “Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values. On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination.”

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