Published 11:23 IST, July 2nd 2020
Kim Kardashian's billionaire status marked wrong as Forbes estimates networth at $900MN
As per recent developments, the Forbes magazine has snatched Kim Kardashian from billionaire status claim made by Kanye West. Read further for more details.
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Beauty mogul Kim Kardashian's billionaire status has been snatched away by Forbes, as recently, the editors of the popular magazine insisted that Kanye West's claims about his wife's wealth are not correct. Earlier, Kanye West had congratulated Kim Kardashian on Twitter for ‘becoming a billionaire’ after the reality TV czarina bagged a deal with the cosmetic giant, Coty. As per reports, Forbes mentioned that Kim Kardashian's net worth "isn’t estimated to be part of the six comma club yet".
Forbes addressed the issue on their website and mentioned that Kim Kardashian’s net worth is estimated to be around $900 million. Earlier in 2020, the popular magazine reported that Kanye West has officially become a billionaire. Kim Kardashian's net worth news flared all over the internet after it was reported that she bagged a deal with Coty Inc. to sell a 20 percent stake in the company for $200million.
Also Read | Kim Kardashian & Kanye West Step Out For Date To Celebrate Former's New Billionaire Status
As per reports, Kim Kardashian’s deal with Coty aims to ‘expand across the globe from top to bottom'. As per the deal, Kim Kardashian remains very much at the helm of the business, having only given up a 20 percent stake of a brand which is believed to be a billion-dollar company. Speaking about the deal in an interview with a leading news daily, Kim said mentioned that her relationship with Coty will allow her to focus on the creative elements while benefiting from the ‘incredible resources of Coty’, and launching her products around the world.
Kylie Jenner's billionaire fiasco
Earlier in 2019, Kim's half-sister, Kylie Jenner made it to the news when Coty paid $600 million for a majority (51%) stake in her beauty company, making her the youngest billionaire in the world. However, in 2020, the Forbes publication accused the Jenner family of inflating figures and 'forging' tax returns for the makeup mogul's cosmetics company and alleged them of faking their billionaire status. Post the allegations, Kylie Jenner has even ‘refused to take calls’ from mother Kris Jenner, as the star mom reportedly lied about Kylie’s $1billion worth. Kylie Jenner has now entered into a panic mode, following the Forbes fiasco, as the beauty mogul is at a loss over who to trust.
Also Read | Kanye West Earns Plaudits For New Single; Slammed For 'boasting' Kim's Billionaire Status
Reportedly, Kris Jenner was petrified that Kylie could sack her or cut her off, and hence, tensions were at an all-time high in the Kardashian-Jenner blended family. However, Forbes magazine gave Kylie Jenner the number one spot on its 2020 Celeb 100 list, ranking her as the world's highest-paid celebrity in terms of her annual pay. As per the publication, Kylie Jenner earned $590 million over the past year, most of which was due to beauty giant Coty buying a 51 percent stake of her own brand, Kylie Cosmetics, last January. This comes after the reality show star sold the share for $600 million, which led to her earning $540 million before tax.
11:23 IST, July 2nd 2020