Published 11:12 IST, May 30th 2020
Kylie Jenner slams Forbes on losing her billionaire status due to 'unproven assumptions'
Kylie Jenner's Forbes article claims that she lied about her company finances and is not a billionaire. Here's her response to the same.
Forbes had earlier declared Kylie Jenner the world’s youngest self-made billionaire. However, recently, the magazine revealed that she had exaggerated the size and value of her cosmetics company for years. Forbes released its findings on Friday after a long investigation into Jenner’s finances.
However, the magazine’s piece Kylie Jenner’s Web of Lies- and Why She’s No Longer a Billionaire does not seem to make much impact over her fans. Twitter users shamed the magazine for spending their time and energy on the makeup entrepreneur’s contents and her bank account. This happened after the chaos due to the protests of George Floyd’s killings, political issues, and COVID- 19 pandemic.
Kylie Jenner had a befitting response to Forbes’ piece. She hit back at the magazine on Twitter and wrote, “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." She added, "I’ve never asked for any title or tried to lie my way there EVER. period" After a series of dramatic tweets, Kylie Jenner wrote, "but okay I am blessed beyond my years, I have a beautiful daughter, and successful business and I’m doing perfectly fine." Later on, Jenner slammed Forbes by writing, "I can name a list of 100 things more important right now than fixating on how much money I have".
According to reports, Forbes investigated and concluded that Kylie Jenner is not a billionaire. Moreover, she is more likely worth under ₹900 million, which includes the estimated $340 million in post-tax money she got from selling the majority of her company, revised company’s earnings, and the value of remaining Kylie Cosmetics share. Forbes also pointed to the paperwork from Kylie Cosmetics’ 2019 sale to Coty as a proof that Kylie Jenner’s business was significantly smaller and less profitable than the family spent years leading the cosmetics industry and media outlets.
Kylie Jenner's net worth
As per reports, Kylie Jenner launched her brand in 2015 after which publicists began campaigning to mark her appearance on the magazine’s cover. As a part of the campaign, the company showed tax returns detailing $307 million in 2016 revenues and income of above $110 million for Kylie Jenner during that year. This meant Kylie Cosmetics’ growth sent from zero to $300 million in one year. Reportedly, Kylie Jenner covered July 2018 of Forbes and hit the 27th position on its annual list, with an estimated worth of $900 million.
Is Kylie Jenner a billionaire?
However, Coty valued Kylie Jenner’s company at $1.2 billion when it purchased 51 percent of its shares. According to Forbes, it left experts uncertain and stunned as the previous Kylie Cosmetics’ revenues were quite less than Jenner had claimed. The magazine also alleges that her business was overvalued and the owner had her accountant provide false documents to support her claims.
Updated 13:53 IST, May 30th 2020