Kylie Jenner’s Billionaire Status Questioned by Forbes

Kylie Jenner is hitting again at a media outlet that accused her of mendacity about her wealth and forging tax returns.

On Friday, Forbes printed a scathing article alleging that Jenner, half-sister to the Kardashians, is not a billionaire. The enterprise journal additionally claimed that Kylie Cosmetics, the make-up firm Jenner based in 2014, is considerably smaller and fewer worthwhile than the household made it out to be.

 

The piece is titled, “Inside Kylie Jenner’s net of lies — and why she’s not a billionaire.”

“What am I even waking as much as,” wrote Jenner on Twitter Friday morning after the story was printed. "[I] thought this was a good web site.. all i see are a lot of inaccurate statements and unproven assumptions lol. i’ve by no means requested for any title or tried to lie my manner there EVER. interval.”

 

“‘Even creating tax returns that have been probably cast’ that’s your proof?” Jenner continued. “So that you simply THOUGHT they have been cast? like really what am i studying.”

In March 2019, Forbes named Jenner, then 21 years outdated, the “youngest self-made billionaire ever” because of her cosmetics firm, which the enterprise journal estimated was price at the very least $900 million. Critics on the time questioned the notion that Jenner was “self-made,” given her headline-grabbing household and lengthy slate of Hollywood connections.

 

In January, the media persona bought 51% of Kylie Cosmetics to the publicly traded magnificence firm Coty for $600 million, a deal that put a hefty $1.2 billion worth on the model. However in line with Forbes, the monetary paperwork and information Coty launched confirmed discrepancies with the numbers Jenner’s group gave the media outlet.

In its report (and accounting for the influence of COVID-19 on client spending and sweetness shares), Forbes stated it “now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale” to Coty, “will not be a billionaire.”

“After all, white lies, omissions and outright fabrications are to be anticipated from the household that perfected — then monetized — the idea of ‘well-known for being well-known,’” wrote Forbes reporters Madeline Berg and Chase Paterson-Withorn.

“Revenues over a 12-month interval previous the deal: $177 million, in line with the Coty presentation — far decrease than the printed estimates on the time,” Forbes stated in its report. “Extra problematic, Coty stated that gross sales have been up 40% from 2018, that means the enterprise solely generated about $125 million that yr, nowhere close to the $360 million the Jenners had led Forbes to consider. Kylie’s skincare line, which launched in Might 2019, did $100 million in revenues in its first month and a half, Kylie’s reps instructed us. The filings present the road was really ‘on monitor’ to complete the yr with simply $25 million in gross sales.”

 

However Jenner appeared typically unbothered by the accusations. “i can identify a listing of 100 issues extra necessary proper now than fixating on how a lot cash i've,” she wrote on Twitter.