Forbes Magazine has removed reality tv star and entrepreneur Kylie Jenner from its list of billionaires.
The magazine accused the Kardashian family of inflating the value of her cosmetics business making it seem that she is richer than her actual value. This comes after Forbes named Kylie as a self-made billionaire in 2019 with her successful cosmetics business.
The ‘self-made’ title sparked controversy with critics pointing at her upbringing as a Kardashian reality TV star.
Forbes released an article revoking her billionaire status after reviewing the sales figures it had received from the family. The family’s accountant is reported to have provided the magazine with tax returns that suggested the firm had done more than $300m in sales in 2016 and that publicists claimed sales of $330m the following year.
Information from Coty, a company that has a 51% stake in the company, showed Jenner’s firm makes less revenue. Forbes noted that it was “significantly smaller and less profitable than the family had spent years convincing everyone to believe”.
Coty’s presentation to investors about the business suggested the firm did only $125m in sales in 2018.
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
This new finding currently estimates her net worth at just under $900m. Kylie has since responded to the re-evaluation saying that she never asked for any title or tried to lie her way there.
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