Kylie Jenner’s Twitter meltdown – when Forbes accuses a Kardashian-Jenner of ‘lying’ about being a billionaire, only social media will do
Now, in a rude about-face, the magazine is saying that Jenner is not, in fact, a billionaire. In a new investigation, the magazine says that Jenner has exaggerated the size and profitability of her business and misled Forbes and other publications since 2016.
It's clear that Kylie's camp has been lying
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, which she later sold a 51 per cent stake to the beauty company Coty in a deal that valued her company at US$1.2 billion.
But, Forbes reported this week that Jenner and her mother, Kris Jenner, inflated their wealth in documents they provided to the publication.
“It's clear that Kylie's camp has been lying,” Forbes reported.
The magazine said the Jenners have previously invited the publication into their homes and accountants' offices, and provided tax returns “that were likely forged”.
Forbes compared the Jenners' manoeuvres to those of Donald Trump, writing, “The unusual lengths to which the Jenners have been willing to go … reveals just how desperate some of the ultra-rich are to look even richer”.
Her wealth is likely closer to just under US$900 million, according to Forbes' estimate. The median household net worth in the US is around US$97,300.
Among a list of discrepancies, Forbes said the Jenners had previously told them Kylie's cosmetics company had US$360 million in sales in 2018, but a Coty presentation showed revenues were actually closer to US$125 million that year.
In addition to the adjusted estimates for Kylie Cosmetics' revenues, Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies, as Kylie still owns part of the company.
Jenner and Forbes had drawn scrutiny after she was named a “self-made” billionaire, as critics said she was born into wealth.
Business Insider reached out to a representative for Kylie for comment on the report, but the Jenners declined to comment to Forbes about the matter. Coty did not immediately respond to a request for comment.
Kylie did however take to Twitter to vent her frustrations …
If there is one thing we know about the Kardashian/Jenners, it’s that image is everything. We’re pretty sure there is some serious damage control going on behind the scenes right now.
This article originally appeared on Business Insider.
The Kylie Cosmetics founder was controversially hailed by Forbes as the world’s youngest self-made billionaire – but now the magazine has stripped Jenner of the coveted title and accused her of lying about her assets ... what’s the truth, and who should we believe?