- 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.
- Jenner disputed Forbes’ story in a tweet, writing, “i’ve never asked for any title or tried to lie my way there EVER.”
- Visit Business Insider’s homepage for more stories.
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, in 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 Jenner’s personal wealth and her company’s revenue.
“It’s clear that Kylie’s camp has been lying,” Forbes reported.
Forbes said the Jenners had previously invited the publication into their homes and accountants’ offices and provided Forbes with tax returns “that were likely forged,” though that does not mean the tax returns she filed were fraudulent.
The magazine compared the Jenners’ maneuvers to those of Donald Trump, writing, “The unusual lengths to which the Jenners have been willing to go” showed “just how desperate some of the ultra-rich are to look even richer.”
Her wealth is most likely closer to just under $900 million, according to Forbes’ estimate. The median household net worth in the US is about $97,300.
The Jenners declined to comment to Forbes for the story, but Kylie Jenner disputed Forbes’ story after it was published.
“What am i even waking up to,” she wrote in a tweet. “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.”
Among a list of discrepancies, Forbes said the Jenners had previously told it that Kylie Jenner’s cosmetics company had $360 million in sales in 2018, but a Coty presentation showed revenue was actually closer to $125 million that year.
Coty did not immediately respond to a request for comment.
In addition to the adjusted estimates for Kylie Cosmetics’ revenue, Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies, as Jenner 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.
Read the Forbes’ full story on Kylie Jenner here.
Read the original article on Business Insider
