Forbes Report Claims Kylie Jenner No Longer Billionaire
After naming her the “Youngest Self-Made Billionaire Ever”in 2018 due to the worth of her cosmetics business, Forbes has reported that Kylie Jenner had lied about the worth of her businesses and that she was not in the billionaire club.
Forbes’ report on Friday casts doubts on the billionaire claims of Jenner after a new evaluation of her businesses show s her true worth.
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According Forbes, Jenner had submited a forged tax returns for her business and inflated her net worth.
“Filings released by publicly traded Coty over the past six months lay bare one of the family’s best-kept secrets: Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.”
“Any doubts that Kylie wasn’t a billionaire were seemingly erased in November 2019, when $8.6 billion (revenues) Coty announced it was snapping up 51% of Kylie Cosmetics for $600 million, effectively valuing the business at about $1.2 billion. The deal gave the struggling, 116-year-old Coty a hip, social media-savvy brand to help turn around its sagging balance sheet. It gave Kylie a major chance at expansion, plus a boatload of cash and apparently clear proof of her billionaire status,” the magazine reports.
Forbes however said the action by the make-up mogul who is currently trending on twitter reveals “how desperate some of the ultra-rich are to look even richer.”
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Reacting to the claims, Jenner said she had never asked for any title or tried to lie her way to the title given to her by Forbes for two consecutive years.
