The musician is no longer a member of the ten-digit club following his antisemitic remarks
On Tuesday, Forbes confirmed that Ye has lost his billionaire status as multiple companies are distancing themselves from the rapper, who has won 24 Grammy Awards.
The Adidas deal helped make Ye a billionaire and aided the German sportswear company in having a more edgy appeal.
However, the collaboration could not survive the recent outcry over the rapper’s offensive and antisemitic remarks.
In making the decision to immediately stop production of its line of Yeezy products and stop payments to Ye and his companies— Adidas says it expects to take a hit of up to $246 million to its net income for 2022.
Forbes estimated that Adidas accounted for $1.5 billion of Ye’s net worth effectively kicking him out of the ten-digit club.
The split-up comes on the heels of Gap Inc. announcing in September it would dissolve their partnership with West.
Additionally, according to reports, the talent agency CAA has dropped West as a client.
Porn floods Twitter “China” search
Twitter users have been finding it hard to search for information on the social media platform due to an explosion of pornographic spam.
While thousands of protests against extended lockdowns, a digital bot army has roared into action on Twitter, with long-dormant Chinese language accounts suddenly tweeting links to escort services and other adult content.
Anyone trying to track the spontaneous protest movement on Twitter complained about the deluge of spam pornographic content making flooding the search for information.
The China protests come at a time when Twitter’s content and moderation teams have been pared back drastically following Elon Musk’s $44 billion takeover of the social media giant.
Twitter, along with other international social media services like Facebook, Snapchat and Instagram, is blocked by Beijing’s internet censors within Mainland China.
Biden silence on China protests
As citizens across China revolt against the country’s “zero Covid” policy, the White House issued a statement about the growing protests.
“‘We’ve long said everyone has the right to peacefully protest, in the United States and around the world,’ a White House National Security Council spokesperson said in a statement.
‘This includes in the [People’s Republic of China.]’
“‘Zero COVID is not a policy we are pursuing here,’ the spokesperson said.
‘And as we’ve said, we think it’s going to be very difficult for the People’s Republic of China to be able to contain this virus through their zero COVID strategy.’”
Commentators have noted that the statement came from the White House, and not President Biden himself.
Demonstrators are calling on President Joe Biden to take a stance and publicly support their cause.
The protests have continued despite numerous attempts by the Chinese government to quell them.
China protests hit global markets, crypto
The protests in China are having a negative impact on cryptocurrencies and markets around the world.
Bitcoin failed to break its descent and fell more than 3 percent.
The global crypto market cap fell over 2%, sending major cryptos into the red.
Over the last 24 hours, overall crypto market volume grew by 22%.
It comes amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions.
Protesters outraged by harsh COVID-19 regulations called for China’s strong leader to quit.
China is the world’s second-largest economy and has a significant impact on global financial markets.
Stocks and cryptos aren’t considered safe havens, leading to bearing price action.
Analysts are hoping for a sharp bullish reversal if and when the protests end.
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