FORBES SAYS KYLIE JENNER IS “NOT A BILLIONAIRE”Kylie Jenner is an American media personality, socialite, model, and businesswoman. She grew up in the spotlight among her famous siblings in the reality series, Keeping up with Kardashians. She harnessed her family’s fame to launch her own business ventures including a successful cosmetics line, Kylie cosmetics, and earned millions from sales of her signature kylie lip kit. Additionally, she’s amassed a mega social media following and in 2015 was named one of the Time magazine’s most Influential Teens.
Kylie billionaire status questioned by ‘FORBES’
In March 2019 she was highlighted by Forbes as the youngest-ever self-made billionaire, thanks largely to her cosmetics company, which she sold a $600 million stake in to Coty Inc. in November 2019. The deal valued Kylie Cosmetics at $1.2 billion, reported by Wall Street journal and Fox Business at the time. Forbes’ latest report says that, The Coty outlet says that the Kylie company “is significantly smaller, and less profitable” citing filings released by publicly traded Coty.
“Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all the time. But the deal’s fine print reveals that she has been inflating the size and success of her business for years,” the report states. Now, Forbes estimates that she is not a billionaire, instead reporting she is worth “just under $900 million,” adding that “more than a third of that is the estimated $340 million in post-tax cash she pocketed from the company sale”.
Additionally, Forbes reports Coty said the business only generated about $125 million in 2018, “nowhere near the $360 million the Jenner had led Forbes to believe.” Her skin care line did $100 million in revenues in its first month in May 2019, Jenner’s reports told Forbes, but Forbes said filings show the line was “on track” to finish the year with $25 million in sales.
Now Forbes claims that the Jenner have possibly been exaggerating the profitability of Kylie Cosmetics and Jenner’s net earnings as its owner since 2016. Forbes was shown tax returns detailing $307 million in 2016 revenues and personal income of more than $110 million for Kylie that year. 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 ecommerce brand Kylie Cosmetics growing from nothing to $300 million in sales in a single year, was hard to believe. Damningly, Forbes alleges that the Jenner accountants may have shown the magazine falsified tax documents drafted with inflated numbers to “help juice Forbes’ estimates of Kylie’s earnings and net worth.”
Dictionary.com took it upon themselves to challenge the term ‘self-made’
After the Forbes wrote Kylie Jenner a self-made billionaire Dictionary.com tweeted that “self- made means having succeeded in life unaided. Used in a sentence: Forbes says that Kylie Jenner is a self-made woman” by tagging the Forbes with their outlet of America’s women billionaires cover page.
Not only dictionary.com many sources and people reacted to the Forbes cover claiming that she is not self- made and has the family background where she used it as leveraged and made millions. Though few people supported her and got inspired the count of the people who offended the statement was more in number.
Kylie Jenner responds to Forbes report on ‘inflating’ billionaire status
The businesswoman and media personality, at 22, took to Twitter to address the report’s claims. “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,” she tweeted.
Well, it looks like Kylie has risen and shone and seen the piece, and she is not too pleased. She called Forbes out on Twitter for “a number of inaccurate statements and unproven assumptions,” in the piece. Jenner was quick to point out this line, writing ” ‘even creating tax returns that were likely forged’ that’s your proof? so you just THOUGHT they were forged? like actually what am I reading.”
Jenner did not comment specifically on any of the other claims made in the report. The star, who recently spoke out about the death of George Floyd, also added that she could “name a list of 100 things more important right now than fixating on how much money I have.”
After the announcement of her billionaire Forbes cover, the title earned backlash, with many arguing due to her family’s wealth she is not “self-made,” the youngest of the Kardashian-Jenner clan defended the idea that she was a “self-made billionaire” and called it “the truth. “During an interview with The New York Times shortly after, Jenner changed her tune and admitted that she “can’t say I’ve done it by myself.” Which made many people to react on her words and opposed her.
Peoples’ reaction on kylie’s tweets to Forbes
Well there are mixed reactions of the people who support her and the ones who don’t. when she tweeted back to the Forbes about inaccurate statements and unproven assumptions many people found it as nuisance on social media as there are more important issues which are going in society to discuss about, but Forbes not calling her a billionaire is just annoying and instead they can call upon important issues said people.
In order to that few people backed her and said not to worry about an article not calling her a billionaire though she already making millions and suggested to work more and speared awareness about what’s happening right now in society. There are also people who troll her taking upon her personal matters bringing racism and spreading negative comments about her. People trolling her by saying she is making money through black people and in the end, she doesn’t stand for them by tagging her with #blacklivesmatter relating her to the incident when a black was brutally killed by a white officer.
After all these, Kylie continued to post and advertise her Kylie products and also replying back to the articles which are stating her personal matters to give clarity to the people and making them to know the truth about her.
When it comes to Celebrities or Public Figures, controversies have never been an unusual thing and these would go on. And, we believe what we see or rather what we are shown and the rest is always a mystery or rather the Truth is a mystery !!