Forbes revealed that Kylie Jenner exaggerated her wealth in the tax documents she had provided to Forbes. And the new calculations show that she isn’t a billionaire. Forbes, known for its billionaire rankings, says it no longer considers Kylie Jenner to be a billionaire, which was its cover story in March 2019. That time the magazine had called the cosmetics mogul “youngest self-made billionaire,” really stretching the definition of “self-made.”
The 22-year-old cosmetics mogul responded to the allegation aggressively too. Jenner quickly responded on Twitter. She denied that she had misrepresented her business’ financials, “I’ve never asked for any title or tried to lie my way there EVER. period,” she wrote. According to Forbes, Jenner also minimized the story. This came in response to her another tweet. “I can name a list of 100 things more important right now,” she wrote after blowback from fans about her defensive tweets.
Forbes’ Explanation
Forbes explained that 2016 tax returns indicated revenue far higher than the numbers revealed by Coty’s filing. And that there were only two explanations: Kylie Cosmetics’ sales saw an utter collapse in the two years before the acquisition, or the evident fabrication of tax returns. (Source: Mail Online)
In November 2019, Coty bought 51 per cent of Kylie Cosmetics from Jenner for $600 million, thus valuing the business around $1.2 billion. While initially, this buyout seemed to enshrine Jenner’s status as a billionaire, Coty’s filings revealed that Kylie Cosmetics had been profiting much less than industry estimates all along: only $125 million in 2018, though the Jenners “led Forbes to believe” it was $360 million. A 2019 skin-care line that Kylie’s reps claimed brought in $100 million actually did $25 million. The only revelation more shocking than this in the piece is Dave Chappelle performing at her Barbie-themed 21st birthday. After the buyout, and with all things reconsidered, Forbes has recalculated Jenner’s worth at a paltry $900 million. Chump change. (Source: Vulture)
