All Access

Forbes Accused Kylie Jenner Of Lying About Billionaire Status, Kylie Responds

Here are the details so far.
IMAGE (L) Forbes (R) Instagram

In March 2019, Kylie Jenner made headlines for being hailed by Forbes as the youngest self-made billionaire in the world, a feat that owed to her eponymous beauty brand Kylie Cosmetics. What started out as a lip kit business eventually expanded to include more products, including a skincare line. Her status as billionaire beauty mogul was solidified when, in November 2019, she struck a deal with global beauty company COTY, the parent company of brands like CoverGirl and Max Factor. COTY bought 51% of Kylie Cosmetics’ shares for $600 million, resulting in a huge cashout for Kylie herself.

ADVERTISEMENT - CONTINUE READING BELOW

However, her net worth is now being questioned by Forbes after releasing a report yesterday, titled "Inside Kylie Jenner's Web of Lies—and Why She's No Longer a Billionaire," essentially backpedaling on their claim last year when they called her the youngest self-made billionaire in the world.

CONTINUE READING BELOW
Recommended Videos

The aforementioned article accused the 22-year-old of “inflating the size and success of her business” for years. In a nutshell, Forbes says that Kylie Jenner’s camp has been exaggerating the company’s numbers to make the company bigger than it really is. Forbes also says that her side had gone through unusual lengths to prove her net worth to the title, such as “inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged.”

According to Forbes, Kylie Cosmetics had been feeding the public false numbers, and successfully so. “Revenues were $400 million over the business’ first 18 months, they said, with a personal take-home pay of $250 million for Kylie.” In its first year alone, the company claims to have earned $300 million in revenue, a staggering number that drew both suspicions and amazement from analysts. The following year, 2017, the company grew by 7% to $330 million. And, come 2018, she finally landed a cover on Forbes as the 27th richest self-made female billionaire.

ADVERTISEMENT - CONTINUE READING BELOW

When 2019 came rolling along, though, and the COTY deal was made, Forbes reports that they had noticed discrepancies with the numbers that Kylie Cosmetics had been campaigning and the actual numbers in their books. A COTY presentation made prior to the deal shows that in 2018, the company raked in sales of $125 million, which begged the question: How could it have earned more than $300 million the year before?

Aside from the discrepancies regarding revenues, there is also the claim that Kylie owns only 44.1% of the company, according to the report—Kris Jenner allegedly owns a small chunk of it.

In a word, Forbes claims that Kylie Jenner had been lying about her net worth all this time.

The beauty mogul herself responded to these accusations through Twitter. She denies having ever lied about her wealth and says that there are more important matters she needs to attend to other than discussing how rich she is. "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. I’ve never asked for any title or tried to lie my way there EVER. Period," she tweeted. "I am blessed beyond my years. I have a beautiful daughter and a successful business, and I’m doing perfectly fine."

ADVERTISEMENT - CONTINUE READING BELOW

ADVERTISEMENT - CONTINUE READING BELOW

ADVERTISEMENT - CONTINUE READING BELOW

Hours ago, it was announced that COTY’s shares had in fact plummeted because of the Forbes report. Its shares dropped by 13%, according to Time.

Independent reached out both to Kylie’s camp and Forbes. A spokesperson from the latter said, “Today’s extensively-reported investigation was triggered by newly-filed documents that revealed glaring discrepancies between information privately supplied to journalists and information publicly supplied to shareholders. Our reporters spotted the inaccuracies and spent months uncovering the facts.”

Meanwhile, Kylie’s lawyer, Michael Kump, told People: “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. It is sad that, of all things, Forbes has devoted three 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.”

ADVERTISEMENT - CONTINUE READING BELOW

This story originally appeared on Preview.ph.

* Minor edits have been made by the Candymag.com editors

your REACTION
OMG

10

CUTE

2

HEART

0

YAY

0

/////////////////////////////
COMMENTS. JOIN THE DISCUSSION BELOW!
Comments
VIEW more ARTICLES ABOUT
About the author
Nicole Cruz for Preview.ph
VIEW OTHER ARTICLES FROM Nicole Cruz for Preview.ph

Candy Bulletin

Welcome!
What're you up to today? Submit your OOTD, fanfic, essay, school project, org event, a pic of your latest hobby, or anything you want to be posted on the Candy Bulletin page!
Reminder: Posts will be subject for approval by the Candy team, and may be shared on our online channels. Plagiarism and copyright infringement are strictly prohibited. Only original work must be submitted.
Hi, you!
*1st 15 seconds will be uploaded
*File size limit (up to 60MB)
*File size limit (up to 60MB)
or
Upload Video
*For the direct video upload option, only the first 15 seconds of the video will be uploaded
*File size limit (up to 60MB)
Photo
Video
SoundCloud

By submitting your post, you agree to Candymag's Terms of Use and Privacy Policy.

Thank you for submitting your post.
You will be notified via email once your entry has been approved by the Candy team.

Submitted posts will be subject to the approval of the Candy Team.

A few reminders:

  1. Candy Bulletin is an online platform where users can upload original work, personal passion projects, and other forms of self-expression, for the purpose of sharing with the community.
  2. You can upload photos of your curated OOTDs, 15-second videos, essays, poems, and more, as long as the submitted work is original, follows copyright laws, and free of any nudity, pornography, or profanity.
  3. You are encouraged to comment on one another's posts, as long as everyone remains respectful.
Submit Another Post
latest on CandyMag.com
 
x
Share
They also launched a fundraising campaign to help our jeepney drivers!
 
x
Share
Here's the face behind the golden voice of many familiar commercials.
 
x
Share
 
x
Share
 
x
Share
They even got to immerse themselves in foreign cultures and learn new languages.
LOAD MORE ARTICLES
Bulletin
A community page where you can share your feels and show your skills! Learn more here
Katherine Go A day ago

Cold Food

The most thrilling and delightful moment of any school day is opening up your baon during breaks. There is always so much excitement in unveiling your homemade meal and snacks housed inside matching heat-insulating containers. Because preparing packed meals is an age-old tradition of showing parental love, loved ones pour effort into curating a nutritious meal accompanied by a selection of side dishes, desserts, and beverages daily; it reminds us that we are being taken care of, even from far away.

Baon plays a significant role in a Filipino childhood. Almost every Filipino child comes to school with baon made especially for them by their parents or household helpers. Even Filipinos in the labor force continue to bring baon for varying reasons: to save money, recycle leftovers, cater to personal taste, or attend to special needs. Nonetheless, eating your baon is a heart-warming experience that allows Filipinos to bring a piece of home along with them wherever they go.

Even other cultures practice making packed lunch. In Japan, mothers create bento--Japanese meals in partitioned boxes. Because of the popularity of bento, trends have emerged, such as the Kyaraben, or character-themed bento. Naturally, Japanese parents and students began competing for who had the cutest and tastiest bento, and this is similar to what I have witnessed in my own childhood. I remember seeing my classmates sharing their snacks and lunches. They would compare and boast about their parents' or yayas’ cooking. In my case, I never had the chance to join in the competition or indulge in homemade cooking. Up until this day, I have never brought any baon to school.

For a long time, I envied others. As trivial or petty as it may seem, not having baon became a problem for my grade school self. During that time, I had to sit in a separate cafeteria away from my friends because the kids who bought food were assigned to sit elsewhere. You could consider me spoiled, but I wanted to experience something most kids did. I had food at home, so what made it so hard to bring some with me to school?

Now that I am on my final year in high school I have come to realize the benefits of purchasing my own food. Since I spent on food everyday, I learned to budget my allowance at a young age. Over the years, I learned to practice self-control whenever I wanted to eat more greasy fries and drink sweetened beverages. I have tasted the strangest viands at the school cafeterias, and I have repeatedly satiated myself over my latest delicious discoveries. Despite the struggles, I am thankful that I have never had baon because of what I have learned. Not to mention, I never had to experience eating cold food.

your REACTION
Pick a sticker to view stories by reaction!
/////////////////////////////
CONNECT WITH US