Forbes Drops Kylie Jenner From its Billionaire List
Updated: Oct 6, 2020
The Kardashian sisters are no strangers to the media, whether it’s good or bad publicity. It’s even been rumored that the Kardashian sisters have personally contacted the media to notify them of their future whereabouts so they could be met with paparazzi. I don’t think they called the paparazzi for this one.
In 2019, Forbes named Kylie Jenner the youngest self-made billionaire ever, but now they are taking it all back. After signing an exclusive distribution deal with Ulta last year, Jenner’s cosmetic line, Kylie Cosmetics’ revenue increased 9% from $54.5 million to an estimated $360 million, according to Forbes. Considering the substantial growth, Forbes estimated that Jenner’s company was worth at least $900 million. Including the cash she had already pulled from the profitable business, she was a billionaire, with an estimated fortune of $1 billion.
After accusing Jenner and her family of exaggerating the value of her cosmetics line, Forbes publicly removed reality TV star and entrepreneur, Kylie Jenner, from its billionaire list.
Forbes alleges that the Kardashian family went to “unusual lengths” to make Jenner seem richer than she actually was. Among other claims, Forbes claims that the family’s accountant provided it with tax returns that suggested the firm had done more than $300 million in sales in 2016 and that publicists claimed sales of $330 million the following year.
However, information shared by publicly traded Coty over the past six months show that Jenner’s business is “significantly smaller and less profitable than the family has spent years leading the cosmetics and beauty industry and media outlets, including Forbes, to believe,” Forbes said. Forbes also accused the family of creating tax returns that were likely forged.
Considering this new information in addition to the impact of Covid-19 on beauty stocks and consumer spending, Forbes now believes that Jenner, is not a billionaire.
In a Twitter rant, Jenner accused Forbes of “inaccurate statements and unproven assumptions.”
“What am I even waking up to? I thought this was a reputable sight,” she said in a tweet. “I’ve never asked for any title or tried to lie my way there ever.”
“But okay, I am blessed beyond my years,” she tweeted,” I have a beautiful daughter and a successful business and I’m doing perfectly fine.” She continued, “I can name a list of 100 things more important right now than fixating on how much money I have.”
Jenner isn’t the first celebrity to be removed from Forbes’ billionaire list. Forbes writers have previously accused others of exaggerating their value and riches, including US Commerce Secretary Wilbur Ross and President Donald Trump.