Adidas Shares Tank After Company Warns It May Lose Over $1 Billion After Dropping Kanye West

Adidas Shares Tank After Company Warns It May Lose Over $1 Billion After Dropping Kanye West

THE SIGNAL

A shoe company is paying the price after cutting ties with extremist hip-hop artist Kanye West.
Shares of Adidas tanked after the company’s CEO admitted that merchandise linked to the Nazi-loving rapper could impose a big cost, according to CNBC.
Adidas terminated its merchandise partnership with West in response to a series of anti-Semitic and pro-Nazi statements from the artist last year.

The company admitted that it expected to lose money in 2023 in a Thursday announcement that sent its stock price plummeting.
The question of merchandise connected with West under the “Yeezy” trademark is fueling its losses.

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Adidas stands to lose about $1.3 billion if the company is unable to sell its existing West-linked stock, according to CNBC.
The company is still actively assessing what to do with its inventory of products linked to West.

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