"Ye's actions do not align with SAIC's mission and values."
Fif's comments follow a string of businesses cutting ties with Ye over anti-semitic remarks.
"We will not be supporting any future Yeezy product drops."
"The company will immediately end production of Yeezy branded products."
"It's been a term that's allowed people, specifically in my industry, to get away with murder."
West's account access has been restricted after violating the platform's policy with offensive remarks.
The Queen Of Hip-Hop Soul joins just 10 other artists to ever receive the prestigious honor.
This marks the seventh festival in the founding city.