In a dramatic turn of events, Forbes has repossessed its Billionaire title from makeup mogul Kylie Jenner. Shocking, yes?. The young mum is having none of it and has said as much on her Twitter.
In 2017, Forbes declared Kylie Jenner a billionaire and she displaced Facebook’s Mark Zuckerberg to become the youngest self-made billionaire. Their publication in 2018 titled “American Women Billionaires” also had Kylie Jenner splayed resplendently on its cover.
This sparked off a huge controversy on social media as several people argued she was not “self-made” since she rode off the fame of her reality TV making family.
At the time, Forbes defended their use of the word “self-made” saying it meant “someone who built a company or established a fortune on her own, rather than inheriting some or all of it.”
The continued that “As long as the list member didn’t inherit a business or money, she is labeled self-made. But the term is very broad, and does not adequately reflect how far some people have come and, relatively speaking, how much easier others have had it”
Even up until January 2020, Kylie Jenner was still Forbes’s youngest self-made billionaire.
Now, after an investigation and further findings, Forbes has discovered she’s not a billionaire after all.
According to the publication, Kylie “spun a web of lies about company figures and forged tax returns to reach mega-money milestone’. Don’t forget, tax falsification is a crime under US laws.
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In January, Kylie sold 51 percent of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion. Forbes now says that Kylie, “even after pocketing an estimated $340 million after-tax from the sale, is not a billionaire”.
Here’s more from the investigation
“Revenues over a 12-month period preceding the deal: $177 million according to the Coty presentation—far lower than the published estimates at the time. More problematic, Coty said that sales were up 40% from 2018. Meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe. Kylie’s skincare line, which launched in May 2019, did $100 million in revenues in its first month and a half, Kylie’s reps told us. The filings show the line was actually “on track” to finish the year with just $25 million in sales.”
Now, she’s not broke. According to their final findings, Forbes puts her actual worth at 900 million dollars so she may hit the billionaire mark at some point. But she may have cut corners to reach there quicker.
When Forbes reached out to the Jenners for further clarification, it was silence from their end.
“As usual, we asked the Jenners for input on our numbers. But pressed for answers on the many discrepancies, the typically chatty family did something out of character: They stopped answering our questions“.
However, after the article hit the tabloids, Kylie is now reacting to the allegations.
See her tweets below
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
— Kylie Jenner (@KylieJenner) May 29, 2020
“even creating tax returns that were likely forged” that’s your proof? so you just THOUGHT they were forged? like actually what am i reading.
— Kylie Jenner (@KylieJenner) May 29, 2020
Her legal team has now been involved in the situation.
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