So Kylie Jenner is no longer a billionaire and this what happened. Forbes removed Kylie and denounced her from the list of billionaires. But before that happened, they named her as the youngest ‘Self-Made’ billionaire. And that happened because her family lied about Kylie’s business of cosmetics. They inflated the value of her company and Forbes was so happy to be the first to list her as a billionaire.
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
In 2019, Forbes named Kylie Jenner and declared her officially as the youngest ‘Self-Made’ billionaire. That made people talk. How can she be ‘Self-Made’ while she got the family reality show promoting ever since she was 10 years old?. Her family has been supporting her for almost her entire career and they called her self-made. Of course, she started loving makeup in season three of the family show, Keeping Up With The Kardashians. I guess that is what the Kardashians think of a person who owns a multimillionaire dollar business.
We all trust Forbes and always it says the truth with credible evidence. However, they failed with Kylie Jenner. Kylie’s cosmetics company was founded in 2015. It is not a lie that her business is booming. Now teens think of the world when it comes to her products, from eyelashes to makeup. Her company includes Kylie skin and Kylie cosmetics.
But who does Forbes blame and why did they change their mind?.
They blame the whole family plus their accountant. He provided fake documents suggesting Kylie’s company earned more than $300m in 2016 and $330 the following year. In 2019, she sold her company shares by 51% to one of the biggest beauty company, Coty. But the following year, after the company had been acquired by Coty, they did a presentation to their investors. The company presented to its investors and told honestly that in 2016 it only made $125m that year.
And that led to Forbes asking questions, “If Kylie Cosmetics did $125 million in sales in 2018, how could it have done $307 million in 2016 (as the company’s supposed tax returns state) or $330 million in 2017?” Forbes asked in their article about Kylie’s net worth plus her fake status.
According to Forbes, Kylie’s net worth is now $900 million.