Forbes Magazine has stripped Kylie Jenner of her title of “youngest self-made billionaire” after the outlet claims the Kylie Cosmetics founder lied her way to billionaire status. In a scathing report from the outlet, Forbes claims that the 22-year-old forged tax returns and lied about her wealth to inflate her net worth.
The article titled “Inside Kylie Jenner’s Web of Lies – And Why She’s No Longer A Billionaire” retracted the magazine’s previous declaration that Jenner was the world’s youngest self-made billionaire after she sold her Kylie Cosmetics makeup line.
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
— Kylie Jenner (@KylieJenner) May 29, 2020
“Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire,” read the in-depth article written by Chase Peterson-Withorn and Madeline Berg. “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.”
They also allege that Jenner has lied about her company figures and forged tax returns to “look even richer.”
Jenner launched Kylie Cosmetics back in 2015 when she was just 18 years old. Four years later in 2019 – ahead of the sale of 51 percent of the brand to global beauty company Coty for $600 million – Forbes declared her to be the youngest self-made billionaire on the planet. They gave her the honor again in 2020.
After Jenner sold the shares to Coty, Kylie Cosmetics was valued at approximately $1.2 billion. That is what prompted Forbes to name Jenner a billionaire, and she told the outlet at the time that she didn’t expect anything and didn’t foresee the future, but it was a nice pat on the back and it felt good to be recognized.
Forbes now says that the sales at Kylie Cosmetics are “significantly smaller than people have been led to believe.”
— Forbes (@Forbes) May 29, 2020
“Revenues over a 12-month period preceding the deal: $177 million according to the Coty presentation—far lower than the published estimates at the time,” Forbes claims. “More problematic, Coty said that sales were up 40 percent from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe.”
Forbes Magazine does admit that Jenner’s business’ worth could have possibly just declined in the past year by more than half. But, the most likely conclusion is that Kylie Cosmetics was “never that big to begin with.” They believe that Kylie Jenner has been lying about the numbers since 2016.
“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,” concluded the article.
At this point, Jenner’s net worth is estimated to be under $900 million.