25 July 2020
Kanye West had a lot to air out during his presidential rally in South Carolina on Sunday. The musician, turned entrepreneur’s blistering speech, however, is not only proving detrimental to his public perception but to that of those associated with him.
During his speech, Kanye highlighted the lack of diversity on company boards and argued that businesses need to be more inclusive.
A personal reference that Kanye made involved Adidas and GAP, which have lucrative and potentially lucrative deals, respectively, with his famous Yeezy brand.
Neither company has invited him to be a member of their boards.
Following West’s statement that “That has to change today or I walk away,” GAP shares dropped by 6% on Monday.
When the GAP announced its 10-year partnership agreement with Kanye, the struggling clothing brand’s stock price shot up by 42%.
CNN reached out to both businesses, with Adidas declining to comment on the matter and GAP yet to respond.