Forbes just published a massive report in which they reveal that Kylie Jenner is no longer a billionaire.
The story insinuates that Kylie forged her tax returns.
Coty recently purchased 51 percent of Kylie Cosmetics, but the acquisition showed much lower figures than Kylie previously reported.
Welp, here’s something interesting for all you “eat the rich” fans to chew on: Kylie Jenner is currently in hot water after Forbes (yes, the outlet that once declared her the world’s youngest billionaire) posted a lengthy feature in which they accused Kylie of inflating her numbers and suggesting she faked tax returns to make herself appear richer than she actually is. In fact, Forbes says Kylie’s not even a billionaire anymore because of how the pandemic has affected beauty stocks and consumer spending.
According to the report, Kylie’s makeup company Kylie Cosmetics “is significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe.” Forbes came to the conclusion after reviewing documents from Coty, the conglomerate that recently purchased 51 percent of Kylie Cosmetics in November 2019.
In case that wasn’t already spicy enough, get this: The report also explained that Kylie was lusting after a Forbes cover the second that Kim Kardashian’s went live in July 2016 and allegedly went through “unusual lengths” to get her own. Apparently, Kylie and co. invited Forbes “into their mansions and CPA’s offices, and even creating tax returns that were likely forged.”
When factoring in how the coronavirus pandemic has affected multiple industries across the board, Forbes drafted up new calculations and concluded that Kylie’s true net worth is “just under $900 million.”
“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 report said in a breakdown of the calculations. “The rest is made up of revised earnings based on her business’s 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.”
Kylie Jenner and the rest of the Kardashians have yet to comment on the article, but given its incendiary nature, it wouldn’t be surprising if they broke their silence. In the meantime, I’ll be adding “watching finance drama unfold” to the list of things I didn’t know I needed today!