Kylie Jenner is not a billionaire, and Forbes says she used ‘likely forged’ tax returns to make it look like she was: ‘It’s clear that Kylie’s camp has been lying’
Forbes said the Jenners had exaggerated claims about Kylie’s wealth and her company’s earnings.
- Kylie Jenner is no longer a billionaire, according to Forbes.
- Forbes reported that Jenner’s previous claims about her wealth and her company, Kylie Cosmetics, were exaggerated.
- Jenner is worth just under $900 million, according to Forbes’ latest calculation.
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Kylie Jenner is no longer a billionaire, according to Forbes.
Jenner, now 22, was named last year by Forbes as “The Youngest Self-Made Billionaire Ever.” Jenner had made millions from her company, Kylie Cosmetics, which she later sold a 51% stake to the beauty company Coty in a deal that valued her company at $1.2 billion.
But, Forbes’ Chase Peterson-Withorn and Madeline Berg reported this week that Jenner and her mother, Kris Jenner, inflated their wealth in documents they provided to the publication about Kylie’s personal wealth and her company’s revenue.
“It’s clear that Kylie’s camp has been lying,” Forbes reported.
Forbes said the Jenners have previously invited the publication into their homes and accountants’ offices, and provided Forbes with tax returns “that were likely forged.”
The magazine compared the Jenners’ maneuvers to those of Donald Trump, writing, “The unusual lengths to which the Jenners have been willing to go… reveals just how desperate some of the ultra-rich are to look even richer.”
Her wealth is likely closer to just under $900 million, according to Forbes’ estimate. The median household net worth in the United States is around $97,300.
Business Insider has reached out to a representative for Kylie for comment on the report, but the Jenners declined to comment to Forbes about the matter. Coty did not immediately respond to a request for comment.
Among a list of discrepancies, Forbes said the Jenners had previously told them Kylie’s cosmetics company had $360 million in sales in 2018, but a Coty presentation showed revenues were actually closer to $125 million that year.
In addition to the adjusted estimates for Kylie Cosmetics’ revenues, Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies, as Kylie still owns part of the company.
Kylie and Forbes had drawn scrutiny after she was named a “self-made” billionaire, as critics said she was born into wealth.
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Image Source:*businessinsider.fr
Source:businessinsider.fr
