Kylie Jenner's billionaire status is now in question after Forbes Magazine released a story over the weekend accusing the reality star of "inflating" her billionaire status. Jenner hit back on the outlet.
Back in March 2019, Forbes named Jenner the "youngest self-made billionaire ever" because of her cosmetics company. At the time, Kylie was 21, and Forbes estimated her company was worth at least $900 million. Critics, however, doubted the concept that Kylie was "self-made," given her family history and Hollywood connections.
Forbes dropped an article over the weekend, titled "Inside Kylie Jenner's Web of Lies-and Why She's No Longer a Billionaire." It alleged that Kylie is not a billionaire.
In the story, it claimed that Jenner's make-up company, Kylie Cosmetics, is significantly smaller and less profitable than the family made the public believe. It also suggested that the social media influencer may have forged tax filings.
Earlier this year, Jenner sold 51% of Kylie Cosmetics to the publicly traded beauty company Coty for $600 million. The deal that put a $1.2 billion value on the brand. But according to Forbes, the financial documents and records Coty released showed discrepancies with the numbers that Kylie's team gave the media outlet.
Forbes said based on the new information, they recalculated Kylie's net worth and concluded that she is not a billionaire. This is even after she pocketed an estimated $340 million after taxes from the sale. It added that the 22-year-old entrepreneur inflated the size and success of her business for years.
Kylie hit back on Forbes. In her tweet, the Keeping Up With The Kardashians star stressed that she never asked for any title or tried to lie about how she achieved success. She added that the Forbes article is filled with inaccurate statements and assumptions.
Netizens, on the other hand, criticized Kylie for tweeting about the Forbes' article amidst the chaos that is happening in major cities in the country. Some blasted the reality star for implying that she doesn't care about the business magazine story and yet she tweeted about it instead of showing support on initiatives against violence and injustice in the U.S.
Meanwhile, Kylie also, reportedly, is losing her patience with her mother, Kris Jenner, because the latter is not taking her calls after Forbes released a bombshell story.
The Sun claimed Kris is currently in a panic mode. She is terrified that her daughter would cut her off her business so tensions are really high at this time.
Kris helped Kylie when the latter first launched Kylie Lip Kits in 2015. The Kardashian-Jenner clan matriarch is also Kylie's manager.
