Forbes Strips Kylie Jenner of Billionaire Status for Inflating Size of Her Businessby VladTV
Forbes named Kylie Jenner a billionaire last year making her the younger entrepreneur with that distinction, however, the financial publication has since stripped Jenner of her billionaire status. According to Forbes, Jenner reportedly lied about the revenue she associated with her cosmetic line. “Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time. But the deal’s fine print reveals that she has been inflating the size and success of her business for years” read the Forbes article at the center of this retraction.
Documents received by Forbes show that Jenner's $880 million deal with Coty, a multinational beauty company, say in the last six months Kylie Cosmetics “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe." The article also stated, “Based on this new information — plus the impact of COVID-19 on beauty stocks and consumer spending — Forbes now thinks that Kylie Jenner, even after pocketing an estimated $US340 million after taxes from the sale, is not a billionaire.”
The article also accused Jenner and her family of forging tax documents, adding to their extensive "web of lies" to further inflate Kylie Cosmetics. “A more realistic accounting of her personal fortune puts it at just under US$900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status. More than a third of that is the estimated $340 million in post-tax cash she would have pocketed from selling a majority of her company.”