Kylie Jenner is no longer a billionaire! Forbes claims the ‘self-made’ makeup mogul, 22, ‘spun a web of lies about company figures and FORGED tax returns to reach mega-money milestone’
Kylie Jenner has been hit by extraordinary claims that she is not a billionaire.
Forbes have accused the family of creating a ‘web of lies’ and say Kylie, 22, has inflated the size of her business and success.
The publication accuses her of ‘lying about company figures and forged tax returns to reach the mega money milestone.’
Kylie Jenner is no longer a billionaire! Forbes claimed on Friday that the ‘self-made’ makeup mogul, 22, ‘spun a web of lies about company figures and FORGED tax returns’
These shock claims come a year and a month after Forbes themselves put Kylie on the cover and hailed her the youngest self-made billionaire ever.
MailOnline has contacted a spokesperson for Kylie Jenner for comment.
Kylie sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion in January.
And Forbes now think that Kylie, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire.
Impressive: In 2019, Kylie was hailed as the ‘youngest ‘self-made’ billionaire for the second year in a row (pictured on the 2018 cover)
Yet Forbes now claim that filings released by publicly traded Coty over the past six months reveal Kylie’s business is significantly smaller than people have been led to believe.
Forbes writes: ‘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.
Forbes claim that new calculations put Kylie’s personal fortune at just under $900 million.
In 2019, the star unseated Facebook’s Mark Zuckerberg, then 35, as the youngest-ever self-made billionaire – he was 23 when he made his first billion 11 years ago in 2008.
Forbes has addressed the controversy that surrounds the title ‘self-made’ as last year, people were up in arms that Kylie came from an already privileged background.
They penned: ‘ Yes, self-made (despite a lot of help from her famous family, she didn’t inherit her business—she built it). And yes, billionaire (she’s worth $1 billion).’
The site also claimed that money from Kylie’s Coty sale meant she was one of just 2,095 people in the world with a a fortune of ten digits.
Kylie previously told Forbes: ‘I didn’t expect anything. I did not foresee the future. But [the recognition] feels really good. That’s a nice pat on the back.’
Jenner, who is the youngest and richest of the entire Kardashian-Jenner family, started her make up line in 2015 by selling $29 lipstick kits.
The kits sold out within minutes of launching – an early sign of the power of her now 270 million-plus social media following.
Jenner’s products were only sold online when it was first launched but in 2018, the brand struck a deal to sell its goods in 1,100 Ulta Beauty stores across the U.S.
She expanded her empire earlier this year with Kylie Skin – a line of moisturizers, under eye creams and facial scrubs.
Jenner brought in sales of an estimated $360 million in 2018, according to Forbes.