Entertainment: Kylie Jenner is No Longer a Billionaire, Forbes says

Overview Of: Entertainment: Kylie Jenner is No Longer a Billionaire, Forbes says


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Ylie Cosmetics has made $420 million in Retail Sales in just 18 monthsShocked?

Well, according to Forbes, the self-made makeup mogul is no longer a billionaire!

In 2019, Forbes declared Kylie had dethroned Facebook’s Mark Zuckerberg, as the youngest-ever self-made billionaire. The publication also placed her on the cover of their 2018 publication under the headline: ‘America’s Women Billionaires‘.

People on social media protested that Kylie isn’t self-made because she came from a wealthy family, and Forbes explained why they tagged her “self-made”.

Even in 2020, Kylie still remained the youngest billionaire on the Forbes list.

Now the publication claims Kylie Jenner ‘spun a web of lies about company figures and forged tax returns to reach mega-money milestone’.

From their findings, they learned Kylie sold 51 per cent of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion in January. And Forbes now thinks that Kylie, “even after pocketing an estimated $340 million after-tax from the sale, is not a billionaire”.

Wow!

An excerpt from their findings/investigation reads:

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 skincare 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.

After much of their new calculation, Forbes claims Kylie’s personal fortune is just under $900million.

Reaching out the Jenners for answers, Forbes says:

As usual, we asked the Jenners for input on our numbers. But pressed for answers on the many discrepancies, the typically chatty family did something out of character: They stopped answering our questions.

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Published: 5 months ago | 43 Views

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