Forbes Revokes Kylie Jenner’s Billionaire Title
Socialites, get into this! For some reason, Forbes dropped a new piece on Kylie Jenner and it’s not a good one. In the article titled: “Inside Kylie Jenner’s Web of Lies – And Why’s She’s No Longer a Billionaire” Forbes accuses the star and her mother Kris Jenner of lying for years about the profits from her makeup line!
RELATED: Kylie Jenner Is Named Forbes’ Youngest ‘Self-Made’ Billionaire For The SECOND Year In A Row
As we previously reported, back in March of 2019, Kylie was named “The Youngest Self-Made Billionaire Ever.” She made millions from her company, Kylie Cosmetics, which she later sold a 51% stake to beauty company Coty in a deal that brought her company value to $1.2 billion. Now, Forbes’ Chase Peterson-Withorn and Madeline Berg claim that the Jenners inflated their wealth in documents that they reportedly provided to the publication about Kylie’s personal finances, and her company’s revenue. “It’s clear that Kylie’s camp has been lying,” Forbes reported. The publication even claims that the family previously invited them into their homes and accountants’ offices, where they shared tax returns with Forbes “that were likely forged.”
The business magazine says Kylie’s wealth is likely closer to just under $900 million instead of 1 billion and change. While that’s still a whole lot of money to most of us, folks on social media are shocked over Forbes’ latest report.
The reality star and beauty mogul has yet to comment publicly on the allegations. However, the Metro UK reports that sources close to Kylie have said that valuations of private companies are not always accurate, and have pointed out that the Coty valuation supports a billion-dollar valuation.
Socialites, what are your thoughts on all of this? Sound off in the comment box below!
RELATED: Kylie Jenner Sells $600 Million Stake In Beauty Business To Coty!