Adidas is on the hot seat to cut ties with Kanye West

Kanye West’s now famous tirade against Jews at the Drink Champs podcast earlier this month was “I can say antisemitic, s*** and Adidas cannot lose me”, he said.

Ye’s theory is currently being tested with a social media storm focused on Adidas.

Here’s what you need to know: West is getting more and more disassociated brands. Balenciaga & Vogue announced their disengagement last week. Talent agency CAA dropped West on Monday. Production company MRC also said it was scrapping a West documentary. Now, the focus has shifted towards the German sportswear giant and its ongoing partnership with the controversial artist.

Adidas’s support for West was condemned by Meg Stalter and Josh Gad, Kat Dennings, and Josh Gad. Detlef Schrempf (ex-NBA sharpshooter, Adidas sponsored) wrote that “I represented Adidas during my career & beyond. @adidas should make a bold statement right away! Suspend all relationships with @kanyewest unless he receives psychiatric assistance. Stop it immediately. He will not #erasethehate.”

Jonathan Goldblatt from the ADL issued Monday’s statement directly at Adidas, calling West’s failure to cut ties “pathetic”.

This weekend, Adidas was under more pressure after Neo-Nazis put banners on the 405 highway near Los Angeles stating “Kanye is right about Jews.”

“Today on 405 in Los Angeles. In response to the incident which attracted more than 100,000 hits, Shannon Watts tweeted “We are waiting for @adidas”

Adidas stated earlier this month that it was reviewing its partnership with West, a lucrative one after West wore a shirt titled “White Lives Matter” in public.

“After numerous attempts to privately resolve this situation, we have decided to place our partnership under review,” the apparel manufacturer stated in a statement. “We will continue to manage the existing product while we review it.”

Bottom line: West, who has been openly antisemitic since that statement was made, has targeted Jews in shocking public statements.

With West’s hateful campaign against Jews on the rise, there is no doubt that Adidas will end its ties.

British PM Rishi sunak is now worth more than the three commas. According to Sunday Times Rich List, Akshata, the wife of a former banking executive, and her husband, Akshata, are worth an estimated PS730 million or $824 million. According to the Washington Post, the couple is “Richer than Royals.”

Zuckerberg’s Meta-headache

Altimeter Capital CEO and Chair Brad Gerstner wrote an open letter asking Mark Zuckerberg and Meta to “streamline” their company. He asked them to limit the huge piles of cash that are being used to serve Zuckerberg’s clumsy metaverse vision.

Gerstner stated that Meta had fallen into excess, just like other companies operating in a zero-rate environment. There are too many people, too few ideas, and too little urgency. This lack of focus and fitness can be obstructive when growth is fast and easy, but it can become fatal when technology changes or slows down.

Gerstner has a three-step strategy for Meta. He says it has “lost the trust of investors”.

  1. Layoffs
  2. Capital expenditures can be cut from $30 billion up to $25 billion
  3. Limit metaverse investments to no more than $5 [billion] annually

Gerstner’s meta-skepticism is not unique. Bank Of America downgraded Gerstner’s company from buying Monday to neutral Monday. The bank cited in part Zuckerberg’s metaverse investment, which the bank called “overhang.”

Let’s look back. Zuckerberg, in an interview with Alex Heath at the Verge earlier this year, acknowledged that the once-rock bottom interest rate — remember those? It made it possible for Zuckerberg to make a strategic shift in 2021 that was not possible in 2022.

Zuckerberg said, “There’s a small part of me that believes it would’ve been harder, and probably wouldn’t have been as well received, to have announced the vision this year than last, given where the world stands.”

Zuckerberg is correct, the 2021 economy is now a distant memory. Burning through large sums of money was once the norm for Silicon Valley executives. However, this is no longer sustainable in an era with high inflation and high-interest rates as well as slumping tech valuations.

How long can Zuckerberg pump money into the Metaverse with no results?

Meta will release its third-quarter results on Wednesday. Investors will be paying attention to any metaverse-related numbers included in the report.

What other activities are taking place?

Railroad strike: still alive. The labor agreement that the Biden administration brokered last week is now on thin ice due to a dispute regarding paid time off with rank-and-file members of a few key unions. The final round of ratifying ballots is due to be completed in mid-November.

According to the Piper Sandler annual survey of 16-year-olds, Chick-Fil-A was Gen Z’s most-loved restaurant. Chipotle and McDonald’s are ranked second.

The WSJ examines Lego’s controversial packaging design. It makes it difficult for potential collectors to determine what pieces are contained. Some cool terminology: TFOL – Teen fans of Lego, and AFOL = Adult Lego Fans.

Jay Caspian Kang looks at America’s booming old (new) industry. Californians, Prop 27 ads are not something I can ignore.

About The Author

Leave a Comment

Scroll to Top