Kanye West lost his spot on the Forbes Billionaires list after Adidas ended its partnership with the rapper.
The contract with the German sportswear company was worth around $1.5bn (£1.3bn), according to the US business magazine.
Adidas came under pressure to sever ties with West, who legally changed his name to Ye, over his anti-Semitic remarks on social media.
In a statement on Tuesday, the company condemned the rapper’s remarks as “unacceptable, hateful and dangerous.”
Earlier this year, West was ranked number 1,513 on Forbes’ rich list, valued at two billion dollars (£1.5billion) due to his lucrative fashion brands and a multi-year deal to design his brand of Yeezy sneakers for Adidas.
After the partnership ended, Forbes estimated his worth at £400m (£349m) – coming from “property, cash, his music catalog and a 5% stake in the company of ex-wife Kim Kardashian’s form-fitting clothes, Skims”.
The magazine added that West’s removal from its list capped a “year-long saga”, with the rapper claiming his net worth was “understated”, once claiming that “nobody at Forbes knows how to count”.
On Tuesday, Adidas announced it was ending production of its Yeezy-branded products, made in collaboration with West, with “immediate effect.”
In a statement, the company said, “Adidas does not tolerate anti-Semitism and any other type 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.
“After careful consideration, the company has made the decision to immediately end the partnership with Ye, end production of Yeezy-branded products, and halt all payments to Ye and its companies. Adidas will halt the adidas Yeezy activity with immediate effect.
Adidas said it expects the decision to have “a short-term negative impact of up to €250 million on the company’s bottom line in 2022 given the strong seasonality of the fourth quarter.”
The company added that it remains “the sole owner of all design rights to existing products as well as previous and new colorways under the partnership.”
It comes after a completed documentary about West was shelved and he was dropped by talent agency CAA for his remarks.
Fashion house Balenciaga also severed ties with Ye last week, according to reports.
West came under fire earlier this month for wearing a ‘White Lives Matter’ t-shirt while showing off his latest collection at Paris Fashion Week.
In recent days, his ex-wife Kim Kardashian and family members have called for an end to the “terrible violence and hate speech” towards the Jewish community.
It comes after protesters in Los Angeles unfurled banners on an overpass on Sunday praising West following his public anti-Semitic statements.
Spotify chief executive Daniel Ek also told Reuters news agency West’s comments were “awful” but his music would remain on the platform.
Ek added that it would be the decision of the rapper’s label, Universal Music’s Def Jam imprint, to remove the content if they were forced to.
Spotify has been contacted for comment.