Forbes has published a damning report in which they exposed Kylie Jenner and her Kardashian-Jenner family of scheming and concocting lies that got the youngest of them elevated to the status of a billionaire.
Recall that last year, the same Forbes declared Kylie a self-made billionaire, and this stirred heated conversation on social media. Explaining their decision now, the outlet says:
So when the youngest of the clan, Kylie Jenner, sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion this January, it was a watershed moment for the family. One of the greatest celebrity cashouts of all time, the transaction seemed to confirm what Kylie had been saying all along and what Forbes had declared in March 2019: that Kylie Jenner was, indeed, a billionaire—at least before the coronavirus.
But after selling 51% of her shares to Coty and analysts were invited to audit the company’s records, they realised that the family had been cooking up lies, even tax documents, to support the lies wrapped around Kylie’s business.
Now, Forbes has stripped her of that billionaire status. In their report, they say:
Taking all this new information into account and factoring in the pandemic,Forbes has recalculated Kylie’s net worth and concluded that she is not a billionaire. A more realistic accounting of her personal fortune puts it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status. More than a third of that is the estimated $340 million in post-tax cash she would have pocketed from selling a majority of her company. The rest is made up of revised earnings based on her business’ smaller size and a more conservative estimate of its profitability, plus the value of her remaining share of Kylie Cosmetics—which is not only smaller than the Jenners led us to believe but is also worth less now than it was when the deal was announced in November, given the economic effects of the coronavirus.
And when the reporters reached out to the family for comment, they got silence.
Read the full report here.