Forbes recently reports that Kylie Jenner is no longer a billionaire and claims that she lies about her money.
Jenner, 22, was the youngest self-made billionaire by Forbes last year. She earned millions of dollars from Kylie Cosmetics. After that, she sold a 51% stake to the public beauty company Coty in a deal worth 1.2 billion dollars.
But, Chase Peterson-Whithorn and Madeline Berg of Forbes this week reported that Jenner and her mother, Kris Jenner, inflated their wealth in the documents they provided to Forbes about wealth, Jenner’s employees, and her company’s revenue. Therefore, Kylie Jenner is no longer considered a billionaire.
“It’s clear that Kylie’s team lied,” Forbes said.
According to Forbes, Jenners has previously provided Forbes with a “potentially fraudulent” tax return. Although that doesn’t mean the tax return she filed was fraudulent.
According to Forbes estimates, Jenners’ assets are under $ 900 million. The wealth of an American household averages $ 97,300.
Jenners declined to comment on the Forbes article. But Kylie Jenner disputed the Forbes story after the article was published.
“I think this is a reputable site. All I see are inaccurate statements and unproven assumptions. I have never asked for any titles or tried to lie that way,” she posted a tweet.
How did Forbes find out Kylie Jenner is no longer a billionaire?
In a statement to Business Insider, Forbes defended its report, “the widely reported investigation today is based on newly submitted documents. It shows a clear difference between the information provided separately for journalists and information provided publicly to shareholders who have discovered the truth.”
On the list of differences, Forbes said Jenners had previously told them that Kylie Jenner’s cosmetics company had $ 360 million in sales in 2019. But a Coty presentation showed that the revenue actually reached nearly 125 million dollars that year.
Coty declined to comment on this matter.
In addition to adjusted estimates of sales of Kylie Cosmetics, Forbes also took into account the impact of the corona virus pandemic on cosmetics companies. It is because Jenner still owns a part of the company.
Kylie Jenner is not a billionaire anymore but we can’t deny that she is very talented for her age.