Kylie Jenner was named the youngest-ever self-made billionaire by Forbes in 2019 after she sold a controlling stake (51 percent) of her highly-popular makeup line, Kylie Cosmetics. However, a new Forbes report says that the youngest of the Kardashian-Jenner clan was never a billionaire at all.
The Forbes report claims the 22-year-old lied about her wealth and forged tax returns in an effort to exaggerate her net worth.
Whoops.
“But in the deal’s fine print, a less flattering truth emerged. Filings released by publicly traded Coty over the past six months lay bare one of the family’s best-kept secrets: 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 believe,” the report claims. “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.
“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 tax from the sale, is not a billionaire.”
You have to now worry for Kylie, because how will she ever survive being a social media star with just shy of a billion dollars? It’s a hard knock life.
And just wait until they find out that she isn’t even self-made…
https://www.instagram.com/p/B_gDnhKH6_G/
You can read the full report here.
