Kylie Jenner’s Billionaire status has been taken off by the same people that crowned her as the world’s youngest billionaire in 2018, due to the web of lies they allegedly uncovered about her earnings. The magazine was quoted to have said that the American cosmetics mogul intentionally lied to them about her company’s status.
According to the report obtained from TMZ, Forbes magazine is blasting Kylie and her mother who happens to be her manager, Kris Jenner, for what it claims was a “web of lies” surrounding the success of Kylie Jenner’s Cosmetics. It all centres around the companies financials from 2016 to 2018.
Remember, Forbes, crowned her the world’s youngest-ever “self-made” billionaire in August 2018.
According to Forbes, the family invited them into their mansions and CPA’s offices. Here’s what the magazine says it was told: The Jenners provided documents showing Kylie Jenner’s company’s annual revenue from 2016 to 2018 was somewhere between $307 million to $360 million per year.
Forbes now says the real numbers were $125 mil for 2018, $177 mil for 2017 and Forbes did not provide a number for 2016, but claims it was still greatly exaggerated.
The magazine claims the Jenners had accountants create false tax returns “to help juice Forbes’ estimate of Kylie Jenner’s earnings and net worth.” Important to note, Forbes is not saying she filed false tax returns with the government, and they are also not saying she is not rich.
Forbes’ readjusted numbers claim she’s actually worth just south of $900 million. So, she will get to billionaire status at some point. Forbes just thinks she cut corners to make it look like she got there early.
Kylie sold off 51% of her company last year to cosmetics giant Coty. In somewhat of a final jab … Forbes points out Coty’s stock prices have plummeted more than 60% since the November 2019 deal.