JP Morgan Chase Ends Relationship with Kanye West
It’s been quite a week for Ye, the artist formerly known as Kanye West.
On Wednesday evening, it was reported that JP Morgan Chase was ending its relationship with the entertainer.
The letter from the bank informed Mr. West that they would be ending their business partnership with him and his company, Yeezy. West has until November 21st to find a new bank. Will he stay with traditional finance?
West has been in favor of Bitcoin in the past saying that Bitcoin advocates, “really have a perspective on what the true liberation of America and humanity will be.” Without access to large, traditional banks, Ye could now go all in on Bitcoin.
The outspoken rapper had been critical of his business partners, including JPMorgan CEO Jamie Dimon. Also, West posted an anti-Semitic call to action on Twitter.
Twitter removed the post for violating their hate speech rules.
West sparked outrage at his Yeezy fashion show by wearing and promoting onstage a “White Lives Matter” shirt. White Lives Matter is a highly offensive white supremacy dog whistle that aims to diminish the work of anti-racist organizations like Black Lives Matter.
Many of West’s social media posts have been removed recently, Twitter and Instagram included. West then appeared on Tucker Carlson’s show on Fox News. Carlson, who has been prone to ethnocentric rants in the past, was happy to give West a platform.
Segments of West’s appearance on the show had to be edited out because he made wild conspiracy-theory comments, including anti-Semitic remarks.
Yes, Fox News had to edit out wild conspiracy-theory remarks. It’s incredible.
LeBron James decided to cancel airing his show “The Shop,” which featured Ye on an upcoming episode. West used the opportunity to promote dangerous stereotypes.
JP Morgan Chase and LeBron James are not the first to distance themselves from West or cut ties completely. West’s partnership with legendary sportswear brand Adidas is also on the rocks.
Ye’s Partnership with Adidas is Crumbling
Adidas is a German-based company with a fraught history of its own. The company was created by brothers Adolf and Rudolf Dassler, who were members of the Nazi Party. The brothers split after the war, one retaining control of Adidas and the other creating a new company, Puma.
Adidas has had it up to its eyeballs with West’s behavior. Yeezy generates $2 billion a year for the brand. That’s close to 10 percent of their annual revenue; however, West continues to push things too far.
The company was upset with Ye’s “White Lives Matter” apparel and anti-Semitic rhetoric. Additionally, West posted a YouTube video online claiming he was the “king of culture” while showing a pornographic film to Adidas executives.
Pretty weird.
Companies can’t continue to stay silent about West’s behavior. No matter how much money he brings for them, business partnerships must benefit both parties and be respectful. West hasn’t done that.
Silence can be interpreted as acceptance or even advocacy. This is not good for companies that are collaborating with West.
Ye’s erratic behavior has been tolerated for years because many have argued that he is a creative genius, and this is simply his creative process. They’ve advocated that his behavior be swept aside. It’s a cost of doing business with him. Now, it appears there is a line. He has crossed it, and his business partners are calling it quits.
Was This the Right Call?
The fact is, these companies can do whatever they want. If they no longer want to have ties to Ye, that’s their right.
Only so much behavior can be written off as “creative genius.”
In 2018, West revealed that he had bipolar disorder. Others with the same diagnosis have described manic episodes as “a warm glow of euphoria; anxieties melted away.”
According to Pilar Cárdenas, a therapist who specializes in treating patients with bipolar disorder, “The more severe the mania, the less judgment and less control a person has over their behavior.”
So, this Ye thing is complicated; however, spouting antisemitism is never the answer. Neither is promoting white supremacy. Ye has gotten away with outlandish behavior for years. Now that JP Morgan Chase is removing itself from West’s orbit, it seems likely that others will follow.
If West wants complete control of his assets, he could look to Bitcoin. Decentralized finance is available to anyone with a computer and doesn’t care how erratic its user’s behavior is. It’s unclear if he will go this route, but everything about West is confusing. The world will have to wait to see what he does next.
About Kit
Kit Campoy is a former retail professional turned freelance writer. She writes about Leadership, Retail, and Web3. Contact Kit for your content needs.