Kylie Jenner has hit back at Forbes after it stripped her of billionaire status and accused her of constructing a “web of lies” surrounding her fortune.
The US business magazine estimated Jenner‘s net worth at $1bn (£806m) and claimed she was the world’s youngest “self-made” billionaire at the age of 21 in March 2019.
On Friday, Forbes released a statement accusing the makeup mogul of forging tax documents so she would appear to be a billionaire, and claimed she fabricated revenue figures for her cosmetics business, Kylie Cosmetics.
Jenner seemed taken aback by the claims and tweeted that the magazine had published “inaccurate statements and unproven assumptions” – and denied forging any documents.
In a piece titled Inside Kylie Jenner’s Web Of Lies, the publication said its understanding of Jenner’s billionaire status stemmed partly from her sale of a 51% stake of Kylie Cosmetics to Coty – with the deal said to be worth $1.2bn (£972m).
But “a less flattering truth emerged” from the deal’s fine print, Forbes claims.
It said filings released publicly by Coty revealed that Jenner’s business is “significantly smaller, and less profitable”, than her family, the Kardashian-Jenners, had led media outlets to believe.
Forbes also claims that “white lies, omissions and outright fabrications” are to be expected from the family “that perfected – then monetised – the concept of ‘famous for being famous'”.
The statement concludes: “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 $340m (£275m) after tax from the sale, is not a billionaire.”
The magazine adds that a more “realistic accounting of her personal fortune” puts it at just under $900m (£729m).
It estimates that more than a third of that is the estimated $340m in post-tax cash from selling the majority of her company.
The magazine says that Kylie Cosmetics is also worth less now than it was when the deal was announced in November due to the economic effects of the coronavirus.
When Forbes asked the Kardashian-Jenners for answers “on the many discrepancies”, it said: “The typically chatty family did something out of character: They stopped answering questions.”
The detail in the magazine’s statement appears to have come as a shock to Jenner, who posted a series of strong denials on Twitter on Friday morning.
She posted: “What am i even waking up to. 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.”
but okay 🤍 i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine.
— Kylie Jenner (@KylieJenner) May 29, 2020
Jenner also took issue with Forbes’ claims that tax returns may have been forged, posting “like actually what am i reading”.
“I can name a list of 100 things more important right now than fixating on how much money i have,” she added.
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Jenner first launched her first lipstick line as part of her self-titled lip kit under the name Kylie Lip Kit.
She renamed the cosmetic company Kylie Cosmetics in 2016 and the number of kits produced increased from an initial 15,000 to 500,000.
Source : Sky News