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Kylie Jenner Accused Of Lying To Forbes About Her Worth, Billionaire Title Revoked

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By Ryan Naumann

Kylie Jenner is being torn to shreds by Forbes who accuse the reality star and her mother Kris Jenner of lying for years of the profits of her makeup line.

Forbes published a story “Inside Kylie Jenner’s Web of Lies – And Why’s She’s No Longer a Billionaire” which details the outlet’s interactions with Kris, Kylie and the family over the years. In March 2019, the magazine named 21-year-old Kylie the world’s youngest billionaire.

In January 2020, Kylie sold 51% of her Kylie Cosmetics to the beauty company Coty in a deal valued at $1.2 billion. Kylie and Coty both boasted about the deal in the press.

Forbes says the problem is the deal isn’t as glittery as Kylie made it seem. The outlet researched filings from the publicly traded Coty which revealed, “Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.”

The article compares Kylie to Donald Trump with his “decades-long obsession” with his net worth. Forbes states, “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.”

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They add, “no one cares more about the topic than the family itself, which has spent years fighting Forbes for higher spots on our annual wealth and celebrity earnings lists.”

Forbes says based on the filings from Coty and new information they no longer believe Kylie is a billionaire.

In 2015, Kylie launched Kylie Cosmetics after being called out for pumping up her lips. Forbes says the following year Kylie and her family started launching a campaign to get her on the cover. Forbes states, “A few months after her sister Kim Kardashian West scored a Forbes cover in July 2016, Jenner publicists began a campaign to “get a Forbes cover for Kylie.” Revenues were $400 million over the business’ first 18 months, they said, with a personal take-home of $250 million for Kylie. Pressed for proof, they opened up their books. During meetings at Kris Jenner’s palatial Hidden Hills, Calif. estate and the family accountant’s office nearby, Forbes was shown tax returns detailing $307 million in 2016 revenues and personal income of more than $110 million for Kylie that year.”

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Further, “It would have been enough to put her at number two on the Celebrity 100 list, behind Taylor Swift, the accountant was quick to point out. But the documents, despite looking authentic and bearing Kylie Jenner’s signature, weren’t exactly convincing since 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 did their own work on the numbers and decided to place Kylie at no. 59 for the year with $41 million. Kris Jenner was frustrated with the placement of her daughter on the list. Kris and her team took her original numbers to Women’s Wear Daily, who published the numbers as is. Based on Coty’s public filings, Forbes believes Kylie’s cosmetic company was much smaller than she told the media. They write, “More likely: The business was never that big to begin with, and the Jenners have lied about it every year since 2016—including having their accountant draft tax returns with false numbers—to help juice Forbes’ estimates of Kylie’s earnings and net worth. While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying.”

They estimate her net worth to be around $900 million.

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