Adidas Cuts Ties with Kanye West After His 'Unacceptable, Hateful and Dangerous' Antisemitic Comments

Adidas has cut ties with Kanye West, ending their lucrative partnership with the rapper following his repeated antisemitic comments.

The sportswear giant — who, over the weekend, dropped their latest Yeezy sneaker collaboration — said in a statement Tuesday that they will no longer work with West, noting that the company "does not tolerate antisemitism and any other sort of hate speech."

"Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness," the company said on its website.

Their statement continued, "After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. Adidas will stop the adidas Yeezy business with immediate effect."

Financial analysts speculate Adidas could lose $240 million from the split, NBC News reported.

For more on this story, listen below to our daily podcast PEOPLE Every Day.

The collapse of West's biggest brand deal — which is estimated to bring in up to $2 billion a year, according to The Washington Post, or close to 10 percent of the company's annual revenue — comes after weeks of outcry sparked by remarks from the 45-year-old Grammy winner, who threatened earlier this month on social media that he would be going "death con 3 On JEWISH PEOPLE."

Over the weekend in Los Angeles, banners were unfurled on a 405 Freeway overpass by Neo-Nazi that featured antisemitic signs and referenced West with the words, "Kanye is right about the Jews."

West doubled down on his comments overnight in an interview on the Lex Fridman Podcast, saying, "It's genocide and population control that Black people are in today, in America, that is promoted by the music and the media that Black people make that Jewish record labels get paid off of."

A slew of celebrities — including Lizzo, John Legend, Jamie Lee Curtis and more — have publicly criticized West for his comments, while social-media support for Jewish people has spread thanks to a campaign kicked off by Jessica Seinfeld. Jewish groups have also condemned the "Flashing Lights" rapper.

"Hate speech is never OK or excusable," West's own ex-wife Kim Kardashian, with whom he shares four kids, wrote on Twitter Monday. "I stand together with the Jewish community and call on the terrible violence and hateful rhetoric towards them to come to an immediate end."

Adidas now joins Balenciaga in the list of brands cutting ties with West.

"Balenciaga has no longer any relationship nor any plans for future projects related to this artist," Kering, the brand's parent company, said in a Friday statement obtained by Women's Wear Daily.

Last month, West also ended the deal between his fashion brand YEEZY and Gap after two years.

Attorneys for the Donda artist notified Gap that YEEZY LLC was terminating their partnership in a letter that accused the retail giant of breaking their agreement by not releasing apparel or opening planned retail stores, according to The Wall Street Journal.

Following Adidas' announcement on Oct. 25, Gap also made a statement denouncing West's comments and saying the brand would be pulling all remaining YEEZY pieces from stores.

"In September, Gap announced ending its YEEZY Gap partnership. Our former partner's recent remarks and behavior further underscore why. We are taking immediate steps to remove YEEZY Gap product from our stores and we have shut down YEEZYGap.com," the statement from the brand reads.

"Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values. On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination," the statement concluded.

West, who legally changed his name to Ye last October, appeared at his Yeezy Season 9 Paris Fashion Week show donning a long-sleeve shirt printed with the phrase "White Lives Matter," which is considered a "hate slogan" by the Anti-Defamation League.

Despite its backlash, he continued to defend the fashion choice during an interview on Tucker Carlson Tonight. "I do certain things from a feeling, I just channel the energy," he said on the Fox News show. "It just feels right. It's using a gut instinct, a connection with God, and just brilliance."

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

Prior to Adidas' decision on Tuesday, West was becoming more vocal about his creative differences with the athletic company, saying in a recent interview that "I could say antisemitic things and Adidas can't drop me."

He also used Instagram to express his discontent about his working relationship with the brand (or lack thereof), accusing the company of leaving him out of Yeezy-related decision-making and calling out top executives.