Adidas Stock Plummets as Brand Remains Silent on Relationship With Kanye

Adidas has seen its stock plummet over the past five days as it faces pressure to distance itself from Kanye West, who has had a partnership with the company for years, but recently became the center of a controversy.

Earlier this month, West, who legally changed his name to Ye last year, sparked intense criticism over comments that have been slammed as antisemitic. The rapper wrote on Twitter that he would go "death con 3 On JEWISH PEOPLE," adding that he "actually can't be Anti Semitic because black people are actually Jew also You guys have toyed with me and tried to black ball anyone whoever opposes your agenda."

Social justice groups, celebrities, politicians and others have condemned the message, and West was locked from his Twitter and Instagram accounts. Several companies that had partnerships with him have cut ties over the controversy, including Balenciaga and Hollywood talent agency CAA, but Adidas is not one of them.

As a result, the German sportswear company has been facing backlash on social media for not yet ending its relationship with the 45-year-old rapper and for remaining silent.

"@adidas the silence speaks for itself. You are absolutely aware of this issue," retired U.S. Army Lieutenant Colonel Alexander Vindman tweeted on Sunday. "You have chosen to say nothing either for profit or sympathy for @kanyewest cause, the promotion of hate."

"In a short period, Ye's made himself the most well-known, widely heard, brazen antisemite on the planet," Anti-Defamation League (ADL) CEO Jonathan Greenblatt also tweeted on Sunday. "Where is the outrage? This will have real world consequences for the Jewish people."

Greenblatt and the ADL have called on Adidas to condemn West's comments and reevaluate its business relationship with him. On Friday, StopAntiSemitism, a nonprofit watchdog organization, made a similar call to Adidas and other companies that remain linked to him.

Meanwhile, Adidas' stock has been dropping over the past few days, though it was not immediately clear if the decline was directly linked to West's controversy. As of 2:45 p.m. ET on Monday, Adidas' stock was showing at -13.65 percent over the past five days. Taking just Monday into account, the stock was showing at -0.50 percent as of the same time.

Adidas was already conducting a review of its relationship with the rapper before the Twitter posts. The company launched a review earlier this month after West wore a "White Lives Matter" T-shirt to his Yeezy brand fashion show and publicly criticized Adidas.

"After repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review," Adidas said in a statement, according to CNN. "We will continue to co-manage the current product during this period."

Newsweek reached out to Adidas for comment.