According to the latest report by Forbes, Kylie Jenner is no longer a billionaire. 22 year old, Jenner was last year named by Forbes as “The Youngest Self-Made Billionaire Ever” and that she had made millions from her company Kylie Cosmetics, in which she had reportedly sold a 51% stake to the beauty company Coty in a deal that valued her company at $1.2 billion.
Further, it was reported by Forbes Chase Peterson-Withorn and Madeline Berg that this week Jenner and her mother, Kris Jenner, inflated their wealth in documents they provided to the publication about Jenner’s personal wealth and her company’s revenue. A Forbes official stated that “It’s clear that Kylie’s camp has been lying.” And it was further revealed that Jenners had previously invited the publication into their homes and accountants’ offices and provided Forbes with tax returns “that were likely forged” but that entirely does not mean the tax returns she filed were fraudulent.
The magazine comparing the Jenner’s maneuvers with those of Donald Trump stated that “The unusual lengths to which the Jenners have been willing to go showed just how desperate some of the ultra-rich are to look even richer.” The report commented that the closest estimate of her wealth is about $900 million and that the median household net worth in the US is about $97,300.
The Jenners declined to comment, but Kylie on the other hand disputed the Forbes story after it was published. Commenting to the post she wrote “What am I even waking up to, I thought this was a reputable site... All I see are a number of inaccurate statements and unproven assumptions lol. I’ve never asked for any title or tried to lie my way there EVER. Period.”
Following the said post, Forbes stated that the Jenners have previously told that Kylie’s cosmetics company had $360 million in sales in 2018, however, a Coty presentation showed revenue was closer to $125 million that year. The beauty company Coty declined to comment on the said issue. Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies in addition to the adjusted estimates of Kylie’s cosmetics revenue, as Jenner still owns part of the company. Forbes had also drawn scrutiny in the matter after Kylie was named a “self-made” billionaire, as critics said she was born into wealth.