In a recent eyeball-popping report, Forbes says that the magazine was duped into believing that Kylie Jenner is a Billionaire, while in reality, she’s not.
In a breakthrough article titled ” Inside Kylie Jenner’s Web of Lies- and Why She’s No Longer a Billionaire” the business magazine recalls all the events sequentially to conclude the youngest Jenner is not a billionaire.
Forbes magazine declared Kylie Jenner a billionaire in March last year after Jenner sold the majority stake of her cosmetics company to Coty Inc. for a whopping $1.2 billion.
Forbes notes that all the development made it look for real that the youngest Jenner was certainly a billionaire. However, things took the ugly turn, at least for the Kar-Jen family, after finer details of Coty’s filings over the past six months surfaced, revealing the secrets that perhaps the Kardashian-Jenner family has been so long obscuring.
Turns out, Kylie’s business is “significantly smaller, and less profitable” than the family has desperately pursued the industry and media outlets to fall for, including Forbes, the magazine writes.
“Of course, white lies, omissions and outright fabrications are to be expected from the family that perfected—then monetized—the concept of “famous for being famous.” But, 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,” Forbes writes in a scathing reclaim of Jenner’s billionaire status.
Based on the newly acquired information, Forbes says that Kylie, even after pocketing $340 million tax returns from sales, is not a billionaire.
Forbes notes how it all started with Kylie’s infamous larger-than-life lips that she achieved using fillers and about which she vehemently lied for years to the Tabloid media. In May 2015 however, she confessed.
Momager Kris Jenner shrewdly envisioned the hype with Kylie’s lips and turned it into a business. In November the following year after the hype was made and she cleared te lip-filling speculation, Kylie Cosmetics was born. Starting with 15,000 units of $25 lip kits, the first batch was reportedly sold out in seconds.
The business magazine notes how in 2016, Kylie Jenner started to make her way into the Forbes Magazine cover page. At that time her money-making machine was churning out nearly $400 million in turnovers, fetching her $250 million take-home pay.
Forbes says at that time the tax returns, at least what was shown, clocked at $307 million and were enough to put her at No.2 of celebrity list just under Taylor Swift. That year Kylie’s personal income was $110 million. Yet, Forbes suspected the document shown for being inauthentic, despite bearing Kylie’s signature.
“(…) the story they told, of e-commerce brand Kylie Cosmetics growing from nothing to $300 million in sales in a single year, was hard to believe,” Forbes writes.
Kylie Jenner Forbes Billionaire?
Since then until today when the Coronavirus crisis has hit the most prosperous businesses out there, the Kardashian-Jenner clan has gone to great lengths to achieve the now-lost Billionaire status.
From “most likely” faking tax return documents to finding her way into mainstream media through a WWD story that propelled their wealth exaggeration, the family has not left any stones unturned to prove a false status, it turns out.
Summing up all the doubts that made Forbes to believe the got-up claim it explains Kylie’s business was never that big.
“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, Forbes states.