Forbes Strips Kylie Jenner of 'Billionaire' Title

Forbes Strips Kylie Jenner of ‘Billionaire’ Title, Alleges She Deceived Them

The Forbes publication that once declared Kylie Jenner a billionaire just made a shocking announcement: Kylie Jenner is actually not a billionaire.

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.

Forbes Strips Kylie Jenner of 'Billionaire' Title
Image via Instagram

“…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.”

Forbes Strips Kylie Jenner of 'Billionaire' Title
Image via Instagram

RELATED: Kylie Jenner Shares Emotional Statement About Her Biracial Daughter and How Recent Tragic Events Affected Her as a Mother

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.

Forbes Strips Kylie Jenner of 'Billionaire' Title
Image via Twitter

RELATED: Kylie Jenner Dawns Stretch Marks On Instagram: “I Haven’t Gotten Rid Of Them; Just Accepted Them As A Little Gift From Stormi”

“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.”

About Mamas Uncut

Mamas Uncut is the place for moms online. We cover the latest news around motherhood and parenting, plus entertainment news as well – all with a mom-focused twist. Looking for parenting advice? We have plenty of it, all for moms, from moms. Our mission is focused solely on empowering moms and moms-to-be with the knowledge and answers they’re looking for. We don’t stop there though, we have expert advice on a range of topics, and all of our categories get updated multiple times a day, so if there’s one website for moms you need to bookmark, it’s Mamas Uncut. We cover it all, from the latest and trendiest baby names, in the US and all over the world, to advice for moms in the workplace, or mom to mom advice on balancing it all. Looking for an answer to a specific question you’ve have? Head over to our new answers section, where you can ask questions on a nearly endless amount of topics, and you’ll get answers fast – really fast. Mamas Uncut is more than just the place for moms, it’s the community of moms – all here to help, make friends, and more. Not sure where to start? Take a look at one of our key topic areas like Pregnancy or Relationships – if you’re looking for advice on a specific topic, there’s a pretty good chance that we’ve already written on it (a few times), or that it’s within our answers section. If you don’t have time to read the site every day, we also have a newsletter that you can control how often you want to receive – that way we send all of the must-see content for moms directly to your inbox – it’s that easy. So go ahead and take a look around, ask a question, or just keep reading, we’re glad you’re here.

Leave a Comment