Thursday, February 22, 2024

UPDATED Kanye West Antisemitism Controversy Causes Adidas Stock to Drop by 14.5 Percent Since Last Friday, Company Announces Divorce

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TUESDAY MORNING UPDATE: Adidas has announced its divorce from Kanye West this morning at 7am. Adidas stock price has dropped another 4.2% this morning as of 6:40am to $99.40.

Adidas announcement here.

MONDAY NIGHT: Adidas stock has dropped by 10.5% since last Friday.

The reason: the Germany based sports company has refused to sever ties with Kanye West after his escalation of antisemitic remarks and comments over the last couple of weeks. West has stood his ground claiming that no matter what he says, Adidas can’t fire him. His quote:

“I can say anti-Semitic things, and Adidas can’t drop me. Now what?”

Adidas‘s lawyers may agree with that. But the longer they wait to act, and do something about West, their stock is dropping like a rock. On Friday, the stock price was $115. Yesterday it was down to $103. That’s the story. The stock price was already in a steep decline. Six months ago it was up to $188. But the really steep drop came this past Friday.

What Adidas faces now is a huge public relations problem that only get worse. Across social media, the multinational corporation is being ridiculed as as a “Nazi company.” The whole history of Adidas during World II is being explored and dissected by customers who never gave it a second thought. Decades of trying to wipe their slate clean is being destroyed rapidly.

Stay tuned…

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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