Kylie Jenner, Forbes spar over story on billionaire status – CTV News

Kylie Jenner, Forbes spar over story on billionaire status – CTV News

LOS ANGELES —
Forbes magazine, which once declared Kylie Jenner a billionaire on its cover, says she no longer deserves the title, but Jenner is pushing back.

Forbes said in a story posted Friday that an examination of financial filings after the reality star and beauty mogul sold a majority share in her cosmetics company revealed that Jenner’s worth was inflated. Jenner sold 51% of her Kylie Cosmetics company to Coty in a deal valued at US$1.2 billion early this year.

“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

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Kylie Jenner Claps Back About FAKE Billionaire Status! – Clevver News

Kylie Jenner Claps Back About FAKE Billionaire Status! – Clevver News

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#KylieJenner #Forbes #SelfMadeBillionaire

Well here’s some piping hot tea for your Friday… Remember last year, when Forbes reported that Kylie Jenner was the youngest “self made” billionaire? Well now they just posted a massive report where they revealed that Kylie Jenner is actually NOT a billionaire. And Kylie Jenner has some WORDS for them!

What’s up? It’s Sussan Mourad here with Clevver News and Kylie Jenner is in some hot water after Forbes claimed that she inflated her numbers and faked tax returns to make her appear richer than she actually is.

So is Kylie Jenner a billionaire OR NOT? ?! Don’t worry we’ll get into all of it.

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Kylie Jenner Is Getting Her Comeuppance & It’s as Glorious as We Imagined

Kylie Jenner Is Getting Her Comeuppance & It’s as Glorious as We Imagined
  • Kylie Jenner has been exposed by the very company that afforded her billionaire status.
  • The star made waves when she was hailed as the youngest “self-made” billionaire in 2019, but Forbes says it was all a lie.
  • Jenner allegedly fudged the figures to get into the coveted club.

Cast your mind back to 2019. It was a simpler time when humanity’s greatest threat was a possible second term in office for Donald Trump. And Kylie Jenner was riding high on the wave of success as Forbes’ new woman of the hour.

The company crowned her the youngest self-made billionaire of all-time. Many of us balked at the term “self-made,” but little did we know that as laughable as it was then, it would be even more hilarious now.

Kylie is a self-made billionaire, alright, but not in the way you think.

In an explosive new article, Forbes says that the youngest Jenner purposely fabricated her income to get to billionaire status. Kylie didn’t just inflate her lips to build her brand. She inflated her bank balance, too.

According to the magazine, Kylie’s business isn’t the behemoth that she led people to believe. It’s all come to light after she sold 51% of Kylie Cosmetics to Coty at the start of 2020.

At the time, it was estimated to be a deal worth $1.2 billion. I don’t want to bore you with too much number talk, but basically, Coty’s reported figures aren’t anywhere near the figures Kylie presented to Forbes.

Forbes: Kylie Jenner Straight-Up Lied

Twitter reacts to the claims made by Forbes in their explosive article. | Source: Twitter

Forbes has gone straight for the jugular on this one, publishing an in-depth expose detailing the discrepancies they found.

Revenues over a 12-month period preceding the deal: $177 million according to the Coty presentation, far lower than the published estimates at the time. More problematic, Coty said that sales were up 40% from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe.

It doesn’t just stop with Kylie Cosmetics, either.

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Kylie Jenner is no longer a billionaire, according to Forbes – Globalnews.ca

Kylie Jenner is no longer a billionaire, according to Forbes – Globalnews.ca

Kylie Jenner is no longer a billionaire, according to a new report from Forbes.

Jenner was named the youngest-ever self-made billionaire by Forbes magazine in March 2019 with Kylie Cosmetics being worth at least US$900 million.






Kylie Jenner named youngest self-made billionaire by Forbes


Kylie Jenner named youngest self-made billionaire by Forbes

In November 2019, Jenner sold a 51 per cent stake in Kylie Cosmetics to Coty for $600 million, and now the parent company has released newly obtained documents that Forbes alleges show Jenner and her mother, Kris Jenner, inflated the success of the Kylie Cosmetics.

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Kylie Jenner sells $600M stake in her beauty business

The newly obtained documents also revealed the fact that Kris owns a small share in Kylie Cosmetics, which decreases Kylie’s shares in her company to 44.1 per cent compared to her previously acknowledged 49 per cent, according to Forbes.

“Forbes had been estimating that her business, which has little overhead, was notching 44 per cent net margins. But Coty’s filings indicate that Kylie’s profits are likely lower than we figured, since her EBITDA margin — which factors in some, but not all, of her expenses — is only around 25 per cent,” the Forbes report read.

“Based on this new information — plus the impact of COVID-19 on beauty stocks and consumer spending — Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire,” the outlet reports.

Forbes reported that Kris hosted Forbes’ staff multiple times at her mansion, allegedly to share inflated financial statements boasting the success of her daughter’s business.

“The business was never that big to begin with, and the Jenners have lied about it every year since 2016 — including having their accountant draft tax returns with false numbers — to help juice Forbes’ estimates of Kylie’s earnings and net worth,” the article stated. “While we can’t prove that those documents were fake (though it’s likely

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Is Kylie Jenner a billionaire? Forbes takes away status, says -Jenner family provided misleading information

Is Kylie Jenner a billionaire? Forbes takes away status, says -Jenner family provided misleading information
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In an online video, Fobes is saying the Jenners have lied and exaggerated Kylie’s success.

Buzz60

Kylie Jenner’s status as a billionaire has been called into question by Forbes in a story that also raises questions about the magazine’s ability to accurately assess the finances of celebrities.

Forbes, known for its billionaire rankings, said it no longer considers the youngest member of the kardashian-Jenner family to be a billionaire, which it reported in March 2019.

The magazine on Friday published the results of an investigation into Jenner’s finances, saying she and her family provided misleading information about her wealth. It now estimates her net worth at just under $900 million.

In its investigation Friday, Forbes says the kardashians and Jenners have spent years fighting for higher spots on its annual wealth and celebrity earnings lists. 

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Jenner’s brother-in-law and rapper Kanye West was included in Forbes list in April.

USA TODAY reached out to Jenner’s reps for comment on the report. Jenner took to Twitter tweeting Friday the Forbes article had “a number of inaccurate statements and unproven assumptions” and she “never asked for any title or tried to lie my way there EVER. period.”

‘Unproven assumptions’: Kylie Jenner responds to Forbes report on ‘inflating’ billionaire status

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Last November, Jenner sold a $600-million stake in her cosmetic company Kylie Cosmetics to Coty Inc, a beauty company that owns CoverGirl, Tiffany & Co. and Balenciaga among other notable beauty and fashion brands. A news release at the time said Coty would own 51% of Jenner’s company.

Forbes called the sale one of “the greatest celebrity cashouts of all time” and said “the transaction seemed to confirm what Kylie had been saying all along” and what it declared in the March 2019 story. Coty officials declined to comment.

Jenner pocketed an estimated $340 million, after tax, from the sale, Forbes reported but said based on filings and the impact of COVID-19 on beauty stocks and consumer spending that Jenner is not believed to be a billionaire.

Forbes also said in its story that the family created “tax returns that were likely forged,” which Jenner’s attorney Michael Kump said was “unequiv

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Kylie Jenner Slams Forbes For Slamming Her Billionaire Status

Kylie Jenner Slams Forbes For Slamming Her Billionaire Status

Forbes magazine is making claims that will shake up your makeup: Kylie Jenner isn’t a billionaire, the outlet says. She’s just a 900-millionaire. (Gasp!) And Jenner isn’t very pleased.

If you’re having trouble keeping up with the kardashians, here’s what’s going on:

In 2018 Forbes put Kylie on its cover saying she was on her way to being the youngest self-made billionaire. And in 2019, the magazine conferred billionaire status on Jenner. Now it’s calling take-backsies. 

In its new story, the outlet claims the Jenner/kardashian clan has always been after higher spots on the magazine’s annual wealth and celebrity earnings lists, and the family supposedly lied about Kylie’s wealth to do so. Forbes alleges false tax documentation was presented to the magazine in 2016, vastly inflating the value of Kylie Cosmetics. 

During meetings at Kris Jenner’s palatial Hidden Hills, California, estate and the family accountant’s office nearby, Forbes was shown tax returns detailing $307 million in 2016 revenues and personal income of more than $110 million for Kylie that year.

According to the magazine, filings from Coty, the beauty brand which purchased 51% of Kylie Cosmetics in 2019, revealed Kylie’s company was far smaller than previously thought.

Then there were Kylie’s financials. Revenues over a 12-month period preceding the deal: $177 million, according to the Coty presentation—far lower than the published estimates at the time. More problematic, Coty said that sales were up 40% from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe. Kylie’s skin care line, which launched in May 2019, did $100 million in revenues in its first month and a half, Kylie’s reps told us. The filings show the line was actually “on track” to finish the year with just $25 million in sales.

Of the documents presented by the Jenners, the magazine said, “While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying.”

Forbes is now estimating Kylie’s wealth at just under $900 million, so, needless to say, it wasn’t a great rise and shine for the 22-year-old on Friday. And now she’s firing back, saying she woke up to “inaccurate statements” and “unproven assumptions.”

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Forbes Decides Kylie Jenner Is Not a Billionaire

Forbes Decides Kylie Jenner Is Not a Billionaire

Illustration for article titled iForbes/i Decides Kylie Jenner Is Not a Billionaire

Image: Getty

Kylie Jenner, formerly crowned the youngest self-made billionaire in America by Forbes, has been outed as a non-billionaire by none other than Forbes itself.

In a detailed report, Forbes breaks down how Jenner lied about the success of her cosmetics company for years. Make no mistake, Jenner is not suddenly poor. She is simply less rich than Forbes was led to believe, which seems to have upset the publication, as is evident in the tone of their report, which states:

Of course white lies, omissions and outright fabrications are to be expected from the family that perfected—then monetized—the concept of “famous for being famous.” But, similar to Donald Trump’s decades-long obsession with his net worth, the unusual lengths to which the Jenners have been willing to go—including inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged—reveals just how desperate some of the ultra-rich are to look even richer.

That faint sound you hear is the sound of laughter from all the people who spent years claiming Kylie’s lip kits were just an upsold dupe of ColourPop Cosmetics formula, only to be silenced by kardashian-Jenner stans. Somewhere, Kris Jenner weeps.

The crown jewel in Kylie Jenner’s empire, Kylie Cosmetics, was reportedly sold to Coty in a deal that was valued at over $1 billion. But according to Forbes, public filings from Coty showed that Kylie Cosmetics wasn’t as profitable as the cosmetics industry had been led to believe. The deal that was supposed to solidify Jenner’s place amongst the billionaire elite appears to only have made her a few hundred million dollars. Not only does Forbes staunchly believe Jenner was never a billionaire, to begin with, but the report also delves into the lengths the kardashian-Jenner clan went to in order to “get Kylie a Forbes cover.”

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