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
The show brought joy to millions, but a number of its cast have experienced unimaginable tragedies.
LOAD MORE ARTICLES
Bulletin
A community page where you can share your feels and show your skills! Learn more here

A Simple Learner Who's a Great Pretender

Maybe I'm just a learner, not a weirdo. A learner that knows how to listen and pretend. A simple learner who's a great pretender. Pretending to be slightly dumb enough not to be judged and criticized by those who do not appreciate my existence. We surround ourselves with people who's levels are either beyond or below our intellectual behavior, because as for reality, people may use you either for their success or your downfall. Since then, people tend to judge someone who has an intellect with things they shouldn't be. Making them a criticizer, and most of all, calling them weird.

Honestly, I'm one of this "weirdo" who actually loves to learn things, and for the record, I'm bullied and stressed out for making myself not to learn more and go with the flow to dumbness I had. Have you ever feel being assigned to some task where you know every process to make it easier and faster to finish but turns out to hesitate to voice out because some of your mates put themselves in charge. There are times where I know what to do, what to say, or how to react, but kept myself silent and pretend not to know anything that may help us. Maybe it's a good thing to just go with their ideas and learn from their perspectives, but sometimes you can't control it and says something, and once again called to be a weirdo and let you finish the work by yourself.

It's annoying that you only know one process yet they gave you the whole work and let you finish it by yourself because they insist that "MAGALING KA DIBA?". It's not your fault being an intellectual person, knowing such things that may help you to pursue your dreams, and have the basic knowledge about something. You don't need to know everything, just the basics. And as for those people who do not appreciate your existence, let them be and continue what's the best for you. In some cases, you'll be annoyed by this but most of the time you'll be thankful for it. Not for now but maybe later. Just be yourself either a weirdo, a great pretender, or a simple learner, and always remember to lower your voice and behavior because no one loves that.

Just be a great pretender not to hear any runts and be a good learner that appreciates everything. It's out of nowhere thoughts of mine, but simply I leave you this my favorite life quotation; "Don't introduce yourself, Let your success introduce you"

Jayson Miranda 3 hours ago
your REACTION
Pick a sticker to view stories by reaction!
/////////////////////////////
CONNECT WITH US