On Friday May 29th 2020, Forbes posted an article examining the Keeping Up With the Kardashians star’s wealth. But instead of praising Kylie for her success with Kylie Cosmetics and other business ventures, she was questioned about the validity of her status as the youngest self-made billionaire in the world.
The magazine claims that Kylie Jenner, 22, inflated the sales figures of her namesake company Kylie Cosmetics’, accusing the makeup mogul’s team of forging tax returns to boost her net worth and thus revoking her billionaire status on Friday.
“Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time,” the article stated. “But the deal’s fine print reveals that she has been inflating the size and success of her business. For years.”
Forbes named Jenner the world’s youngest self-made billionaire at 21 on its March cover last year after she sold Kylie Cosmetics to beauty behemoth Coty in a deal valued at $1.2 billion.
However this was exaggerated as she [Jenner] only walked away with an estimated $340 million after-tax from the sale.
Forbes noted a number of financial inconsistencies reportedly made by Jenner and mother Kris Jenner (who is also Kylie Jenner’s manager) suggesting that the beauty business is less profitable than the family has presented it to be. In 2018, the Jenners claimed Kylie Cosmetics made $360 million.
Kylie took to Twitter and reacted to the claims.
She Tweets:
”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?”
However forbes has recalculated Kylie’s net worth and concluded that SHE IS NOT A BILLIONAIRE.
It is now understood that Kylie Jenner is worth only “$900 million”, Now Kylie Cosmetics is not only smaller than the Jenners led us to believe but is also worth less due to the effects of the Novel Coronavirus Covid-19.
(C) Control TV 2020.
