After a number of recent problems involving Kanye West, rapper Sean “Diddy” Combs has surpassed Ye to become hip-second-richest hop musician.
Diddy Takeover
The five wealthiest hip-hop performers have changed, according to a recent survey by Forbes’ Zack O’Malley Greenburg.
With an estimated net worth of $1.5 billion (£1.3 billion), Jay-Z still holds the title of richest hip-hop artist, but Diddy has moved up to the second place with a net worth of $1 billion (£861 million).
The artist’s riches are derived in part from a variety of holdings and investments, such as his joint venture with Diageo for Ciroc, which is said to bring in $60 million (£51 million) annually.
West is replaced by Diddy in the rankings as a result of a sharp decline in West’s net worth over the past few weeks.
The rapper, 45, was said to have a net worth of $2 billion (£1.7 billion) earlier this year as a result of endorsement deals with Adidas for both his music and his footwear brand, Yeezy.
Real estate and a 5% ownership in Kim Kardashian’s firm, Skims, have added to his net worth.
However, as a result of West’s antisemitic remarks on social media, including a tweet on October 8 in which Ye threatened to “go death con 3 on JEWISH PEOPLE,” many companies have severed ties with the rapper, including Adidas, a partnership that is thought to have contributed $1.5 billion to his net worth.
Adidas issued a statement saying, “Adidas does not accept antisemitism and any other type of hate speech.”
The company’s ideals of diversity and inclusiveness, mutual respect, and fairness have been violated by Ye’s recent words and actions, which are inappropriate, harmful, and filled with hatred.
“Following careful consideration, the company has decided to immediately sever its relationship with Ye, halt the production of goods bearing the Yeezy brand, and suspend all payments to Ye and his businesses.
“Adidas will cease operations for the Adidas Yeezy line immediately.”
The rapper responded by writing on Instagram, “I lost 2 billion dollars in one day and I’m still here… The money is not who I am. The people are who I am.”
Gap, CAA, and Balenciaga are more companies that have severed connections with West. TJ Maxx, Gap, and Foot Locker have also ended their business relationships.
TJ Maxx sent the following statement to CNNBusiness: “At TJX, we do not accept any form of hatred, harassment, or discrimination.
We have told our buying staff not to buy this product to sell in any of our locations throughout the world.