Earlier this year Kylie Jenner was crowned the world’s youngest billionaire. But a new report from Forbes shows that that’s no longer the case…
In an expose published early last week (June 1, 2020) Forbes dove into what they called “Kylie’s web of lies” and tried to figure out if the youngest of the Kardashian- Jenner clan was as rich as she said that she was. And the results were shocking.
Jenner hit the mark of a billionaire after a business deal where she sold 51% of her company, Kylie Cosmetics, to Coty, a publicly-traded cosmetics giant, for an estimated value of 1.2 Billion dollars. But once the deal was done the fine print of the contract was revealed and it didn’t shed the greatest light on the company.
The fine print of the contract became publicly available after the trade was done and it revealed that some of the numbers that Jenner had originally reported to Forbes and other outlets about the size of her company were straight-up lies. In the first year of growth alone it was originally reported that the company was worth $300 Million dollars. And for those of you who don’t know much about the economics of the makeup industry, like myself, that seemed just a little too good to be true.
Forbes then exposed that in reality the deal that Kylie struck with Coty only landed her about $340 Million dollars after taxes. In the midst of the coronavirus pandemic stocks for Coty fell drastically so it would make sense that Kylie got a bit less than that 1.2 Billion, but there is a big difference between $340 Million and $1.2 Billion dollars.
Kylie responded on Twitter claiming that none of the reports that claimed her wealth was less than it was were true and that everything Forbes was saying was false. And attempted to debunk accusations that Kylie asked Forbes to be featured on the cover of the March 2018 issue about self-made female billionaires.
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
— Kylie Jenner (@KylieJenner) May 29, 2020
How are y’all feeling about this? Do you think Kylie is still a billionaire? Was the hit to stocks because of the COVID19 crisis too much for the makeup world? Sound off below!!