The Reality Tv star, Make-up business mogul, Kylie Jenner has been delist from the list of billionaires by Forbes on Friday.
Forbes on its website has reported that Kylie has been lying about company figures and forging tax returns’ to reach the billionaire status.
They accused the family of creating a ‘web of lies’.
Forbes further revealed that the numbers the Kardashian-Jenner family gave for Kylie Cosmetics were questionable, especially after comparing them to the numbers following Coty’s acquisition.
With this new information and the COVID-19 pandemic, Kylie’s net worth is now according to their calculations “just under $900 million.”
The Make-up mogul in November 2019 sold 51 per cent of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion in January.
Kylie only pocketed $340million, contrary to reports that she pocketed $1.2billion.
Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after-tax from the sale, is not a billionaire.
“Revenues over a 12-month period preceding the deal: $177million according to the Coty presentation, far lower than the published estimates at the time.
“More problematic, Coty said that sales were up 40% from 2018, meaning the business only generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe.
“Kylie’s skincare line, which launched in May 2019, did $100 million in revenues in its first month and a half, Kylie’s reps told us. The filings show the line was actually “on track” to finish the year with just $25 million in sales.”
The American business magazine which reviewed filings from Coty said,“It’s fair to say that everything the Kardashian-Jenner family does is oversized,” says Stephanie Wissink, an equity analyst covering consumer products at Jefferies. “To stay on-brand, it needs to be bigger than it is.”
Recall that in March 2019, the reality show star unseated Facebook’s Mark Zuckerberg, then 35, as the youngest-ever self-made billionaire (he was 23 when he made his first billion 11 years ago in 2008).