Kylie Jenner is reportedly no longer a billionaire, and Forbes says she likely showed it fake tax returns: 'It's clear that Kylie's camp has been lying'
Kylie Jenneris no longer a billionaire, according to Forbes.
- Forbes reported that Jenner's previous claims about her wealth and her company, Kylie Cosmetics, were exaggerated.
- Jenner is worth just under $900 million, according to Forbes' latest calculation.
- Jenner disputed Forbes' story in a tweet, writing, "i've never asked for any title or tried to lie my way there EVER."
Kylie Jenner is no longer a billionaire, according to Forbes.
Jenner, now 22, was named last year by Forbes as "The Youngest Self-Made Billionaire Ever." Jenner had made millions from her company, Kylie Cosmetics, in which she later sold a 51% stake to the beauty company Coty in a deal that valued her company at $1.2 billion.But, Forbes' Chase Peterson-Withorn and Madeline Berg reported this week that Jenner and her mother, Kris Jenner, inflated their wealth in documents they provided to the publication about Jenner's personal wealth and her company's revenue.Advertisement
"It's clear that Kylie's camp has been lying," Forbes reported.
Forbes said the Jenners had previously invited the publication into their homes and accountants' offices and provided Forbes with tax returns "that were likely forged," though that does not mean the tax returns she filed were fraudulent.The magazine compared the Jenners' maneuvers to those of Donald Trump, writing, "The unusual lengths to which the Jenners have been willing to go" showed "just how desperate some of the ultra-rich are to look even richer."
Her wealth is most likely closer to just under $900 million, according to Forbes' estimate. The median household net worth in the US is about $97,300.The Jenners declined to comment to Forbes for the story, but Kylie Jenner disputed Forbes' story after it was published. "What am i even waking up to," she wrote in a tweet. "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."Advertisement
Among a list of discrepancies, Forbes said the Jenners had previously told it that Kylie Jenner's cosmetics company had $360 million in sales in 2018, but a Coty presentation showed revenue was actually closer to $125 million that year.
Coty declined to comment on the matter.In addition to the adjusted estimates for Kylie Cosmetics' revenue, Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies, as Jenner still owns part of the company.Advertisement
Kylie and Forbes had drawn scrutiny after she was named a "self-made" billionaire, as critics said she was born into wealth.Business Insider
- Amitabh Bachchan and son Abhishek test positive for COVID-19, hospitalised
- Tripura registers second COVID-19 death
- COVID-19: Noida records 2 more deaths, adds 89 cases
- 1,781 fresh COVID-19 cases take Delhi tally to 1,10,921; death toll mounts to 3,334
- Punjabi singer Gurnam Bhullar booked for violating COVID-19 guidelines