Forbes Accused Kylie Jenner Of Lying About Billionaire Status, Kylie Responds
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.
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.
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.
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."
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.”
This story originally appeared on Preview.ph.
* Minor edits have been made by the Candymag.com editors
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these sheets that exactly remind me of how I gushed in between my pillow and space you filled in the longing of my burned sorrow put smile to my sober face just like how a three year old receive her lollipop
i searched you everywhere and here you are laying down beside me in my imagination the walls that our screens built a boundary and an obvious message that says i can never have you because you wear clerical shirt and obviously you loved someone else before me
oh god, do I really want this forbidden love? that only exist in my imagination? that only exist through my words? would you, meine liebling, notice me and my art one second? because I am dying to say I love you.
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"
Dear me in six years, I wonder how life will treat you when you’re already 26 years old. Will you be financially stable? Will you be working in an advertising agency while pursuing everything about the arts? Will you be doing freelancing and living in a condo by then? I don’t know since things are very uncertain. I hope by the time you graduate from college and face the real meaning of the world, you’ll know what the real purpose of doing and living in the art will be.
I know it’s been so tough ever since you turned 20 but that’s how life works, I guess. There will be a lot of hopes and trials, breakdowns, and breakthroughs but I have high hopes of you becoming the better version of yourself. You always do, though. You were never a quitter. Making decisions is getting harder and harder as you grow but I hope it doesn’t make you stop doing what you really love to do. You will face different people with different perspectives. You will feel like a stranger once again, it’s like you were back in your freshmen year. It’s going to be tougher than you’ve expected but you can do it. I believe you can.
Most of the time, people's perception of us as a strong person makes us feel that we are not entitled to be vulnerable because they might be disappointed for seeing our weak spots. And so when we are hurting, we are often scared of extreme emotions and so bury our feelings. We deny them, trying to avoid the pain we feel.
But by doing that, we are just allowing it to come back to us and haunt us. And when it comes back, it might be stronger and it will be harder for us to get over it than when we faced them first. I realized it just now that facing those emotions will scare them until they're gone. The saying 'Let it hurt until it hurts no more' goes true. Admitting your pain to yourself doesn't make you weak. It only proves that you are strong enough to acknowledge such extreme emotions without avoiding them. We are humans and it's okay if we hurt sometimes.
Before, sliding over the rainbows
Now, our hearts are bruised
Days once full of love and laughter
Became dawns of forfeited ever after
Smiles that bring ticklish sensations
Turned to cold question and answer
Figuring who would be the next instructor
The queen’s awake
Grappling to the happiness that the sorrow and sadness take
Going back to all the promises he couldn’t make
Poetry #2: YOUR VOICE
When you talk, your voice brightens my days. You provide me comfort in all the little things that you do. Your deep and mellow voice sends a tingling feeling inside me that makes me want to keep you in my life. I love talking to you every time, every day, every night and every minute if I could. You're someone just simply amazing.