Forbes: Kylie Jenner Is Not A Billionaire
Forbes magazine has released a report saying that media personality and businesswoman, Kylie Jenner is not a billionaire.
But Forbes now claims that they were hoodwinked by the cosmetics entrepreneur and her family who “spun a web of lies” and “inflated” her net worth.
The publishing giant claims that the family invited them into their mansions and CPA’s offices, and “even created tax returns that were likely forged.”
Earlier this year, the youngest of the Kardashian-Jenner clan sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion, making it one of the greatest celebrity cash-outs of all time, effectively shutting up critics and naysayers who scoffed at Forbes’ claim.
But filings released by publicly traded Coty over the past six months shows that Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.
Based on this new information—plus the impact of Covid-19 on beauty stocks and consumer spending—Forbes has recalculated that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire, and that a more realistic accounting of her personal fortune puts it at just under $900 million.
Billionaire or millionaire, she’s still rich, no? Tell us what you think in the comments.