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.
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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.
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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?
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“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.”
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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.
