Forbes released a report that blasted the beauty mogul, alleging she deceived them by forging multiple documents.
In the article, it was revealed how the Jenners began campaigning to get Kylie on the cover of Forbes back in 2016. At first, her team presented Forbes with tax returns proving her overwhelming wealth but Forbes became suspicious about the claims and decided not to report on them.
“…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,” the article reveals.
And while Forbes would eventually go on to declare Kylie a “self-made billionaire” in a controversial cover story two years later — in the article we are referencing, they go on to explain their reasoning behind that decision:
“Any doubts that Kylie wasn’t a billionaire were seemingly erased in November 2019, when $8.6 billion (revenues) Coty announced it was snapping up 51% of Kylie Cosmetics for $600 million, effectively valuing the business at about $1.2 billion…It gave Kylie a major chance at expansion, plus a boatload of cash and apparently clear proof of her billionaire status.”
But Forbes believes that Kylie’s earnings are actually “much smaller” than she claims and “there’s virtually no way the numbers the Jenners were peddling in earlier years could be true either.”
“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.”
After the news hit, Kylie was obviously upset and posted to Twitter.
Forbes then concluded the article by stating how Kylie Jenner is in fact – not a billionaire but still very wealthy at a new estimated worth of $900 million.
“Taking all this new information into account and factoring in the pandemic, Forbes has recalculated Kylie’s net worth and concluded that she is not a billionaire. A more realistic accounting of her personal fortune puts it at just under $900 million…”
Currently, Kylie’s legal team is now involved in the situation. Attorney Michael Kump told TMZ, “We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. The article is filled with outright lies. Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements.”
Kump continues, “It is sad that, of all things, Forbes has devoted 3 reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes.”
With a background in the creative and educational fields, Amelia Finefrock is freelance writer, singer-songwriter and nanny based in Chicago.