Cosmetics mogul, and youngest of the Kardashian-Jenner family, Kylie Jenner, made headlines when Forbes claimed that their previous coverage of Jenner’s billionaire status may not have been accurate. Forbes released an article stating that Jenner forged financial documents, and that her actual net worth is below the billion dollar mark.
Back in 2018 Kylie Jenner was on the July cover of Forbes, ranking ranking No. 27 on their listing of the richest self-made women. At age 20, Jenner was reported to be worth $900 million. It was estimated that on that trajectory, Jenner would soon become the youngest “self-made billionaire.”
Following the acquisition of 51% of Kylie Cosmetics by Coty, at the price of $600 million, it seemed clear that Jenner was in fact a billionaire and that her business was booming. However, following the publicly traded Coty’s release of many of their files, it became clear that Kylie Cosmetics was not nearly as profitable as Jenner had made it appear to Forbes.
Forbes released an articile titled, “Inside Kylie Jenner’s Web of Lies—and Why She’s No Longer a Billionaire,” in which the publication stated that Jenner likely forged her tax returns and other financial documents, to appear wealthier than she is.
“When we visited Kylie Jenner in 2018, she had managed to convince us and the rest of the world that her cosmetics company was doing more than $300 million in annual revenue. In reality? It only did $125 million that year.” Jamel Toppin stated to Forbes.
After comparing growth numbers made public by Coty, with figures offered by Jenner’s camp, it appeared that Kylie Cosmetics was shrinking significantly. This information was alarming given the huge price tag Coty paid to own 51% of Kylie Cosmetics. At a cost of $600 million, Kylie Cosmetics would need to be making significant growth year to year to be entirely worth it.
To explain this inconsistency, Forbes stated, “More likely: The business was never that big to begin with, and the Jenners have lied about it every year since 2016—including having their accountant draft tax returns with false numbers—to help juice Forbes’ estimates of Kylie’s earnings and net worth. While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying.”
Soon after the release of this article, Jenner took to Twitter the try to dispel the rumors in a series of Tweets, stating, “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.
“‘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.
“but okay. i am blessed beyond my years, i have a beautiful daughter and a successful business and i’m doing perfectly fine.”
After being called out by followers for using her platform to discuss her net worth rather than much more serious matters affecting the public currently, a Twitter user asked, “this is what you’re worried about right now?”
Kylie replied, stating, “This is literally the LAST thing I’m worried about right now.”
She concluded her statement, “I can name a list of 100 things more important right now than fixating on how much money I have.”
Photo Source: The National