Business magazine Forbes has stripped Kylie Jenner of her billionaire status.
Kylie Jenner, 22, is no longer a billionaire according to reports fron Forbes which says that the cosmetic mogul’s billionaire status was established on ‘a web of lies.’
In the reports, Forbes state that the decision to erase young Jenner from its billionaire list was taking after the findings of a probe launched into the her finance revealed that she ‘spun a web of lies about company figures and forged tax returns to reach mega-money milestone’.
Up until now, Kylie Jenner has retained the status of the youngest safe-made billionaire on the planet with a presumed total net worth of $1 billion amassed through her wildly successful range of make-ups.
Forbes also report that another glaring discovery it made from the poke into Jenner’s finance shows that her makeup company Kylie Cosmetics was the subject of a 51 percent takeover in January following shares sales in a deal valued at $1.2 billion.
Despite racking an estimated $340
million after-tax from the sale, the business magazine reiterated that Miss Jenner still missed out on the billionaire list as her personal fortune was calculated and valued below $900million.
An excerpt from the probe reads:
“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. More problematic, Coty said that sales were up 40% from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe. Kylie’s skincare line, which launched in May 2019, did $100 million in revenues in its first month and a half, Kylie’s reps told us. The filings show the line was actually “on track” to finish the year with just $25 million in sales.”
The young CEO has since reacted to Forbes claims of her faked billionaire status with a series of tweets debunking its reports.
In her tweets, Jenner said that she is shocked by the probe into her personal finance as she never asked to be recognized as a billionaire in the first place. The 22-year old businesswoman also clarified that she did not alter any of her financial records in other to make it to Forbes billionaire list.
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
“even creating tax returns that were likely forged” that’s your proof? so you just THOUGHT they were forged? like actually what am i reading.
— Kylie Jenner (@KylieJenner) May 29, 2020
Furthermore, Jenner went on to assert that knowing how much she’s worth sits on the fringes of things she worries about as there are dozens of other pressing issues clamouring for her attention.
i can name a list of 100 things more important right now than fixating on how much money i have
— Kylie Jenner (@KylieJenner) May 29, 2020
Kylie Jenner was named the youngest -self-made billion by Forbes in 2019, an honour that was largely held by Facebook CEO Mark Zuckerberg prior to her takeover.
Photo Credit: Instagram
