Forbes Says Kylie Jenner is Not a Billionaire and Inflated Her Net Worth
It looks like the Kylie Cosmetics brand isn’t as successful nor as profitable as previously reported. According to Forbes, Jenner is no longer a billionaire and actually may have lied about some of her earnings from her company.
In 2018 Kylie reported the cosmetics company was doing more than $300 million in annual revenue when it really only did $125 million. “Taking all this new information into account and factoring in the pandemic, Forbes has recalculated Kylie’s net worth and concluded that she is not a billionaire. A more realistic accounting of her personal fortune puts it at just under $900 million.”
Earlier this year when Jenner sold half of her cosmetics company to Coty for approximately $1.2 billion, and was labeled a self-made billionaire, social media went wild with debates on what “self-made” means. Now with these new reports released by Forbes, the speculations regarding Jenner’s fortune intensely increases.
Forbes calls it a “web of lies,” including inflating the size of the company and fine print details in her business deals. In fact, Kylie’s business is even smaller in size than she presented.
Additionally, Jenner in the past has invited Forbes into the family’s mansion and CPA offices. There also is speculation that this type of misleading documentation resulted from forged documents.
The Coronavirus pandemic also has negatively affected Jenner’s fortune. Due to economic effects, the value of her remaining share of Kylie Cosmetics, is also worth less now than it was when the deal was announced in November. This also means that this share is much smaller than what Jenner led Forbes to believe.
At this time Jenner or the Kardashian camp has not made an official statement regarding the allegations and evidence.
For the full story, visit Forbes website.