Let’s go back to the very beginning… Kylie appeared on the cover of Forbes back in August 2018 with the cover line “America’s Women Billionaires”, declaring her “the youngest-ever self-made billionaire”. No biggie.
Fast forward to May 2020, and Forbes have well… changed their mind. A very different headline reads “Inside Kylie Jenner’s web of lies – and why she’s no longer a billionaire” with an article which makes some pretty bold statements.
In the article, Forbes states that Kylie’s business is “significantly smaller, and less profitable” than Kylie and the Kar-Jenner family have lead people to believe. The Kylie Cosmetics and Coty deal was valued at $1.2 billion (Dhs4.4 billion) this January, however Forbes cite that she actually *only* pocketed an estimated $340 million (Dhs12.4 billion) after taxes. Making her no longer the billionaire she was claimed to be.
The money-magazine has made accusations that Kylie’s publicists started a “campaign” on securing her a Forbes cover after big-sis Kim did so in July 2016. They’ve also accused Kylie of “creating tax returns which were likely forged”.
Kylie has of course clapped back, in true Kar-Jenner style, with a short series of tweets.
“What am I even waking up. I thought this was a reputable site…”, reads the first tweet, “all I see are a number of inaccurate statements and unproven assumptions lol”.
She then goes on to say “I am blessed beyond my years, I have a beautiful daughter, and a successful business and I’m doing perfectly fine”.
According to Forbes, the Jenners suggested that all profits went directly to Kylie, as the business owner, however the Coty purchase agreement “specifically lists a “KMJ 2018 Irrevocable Trust” controlled by none other than Ms 10% herself, Kris Jenner. This gives Kylie an “estimated 44.1% of Kylie Cosmetics, rather than 49%”. Supposedly, Coty’s share price has also fallen more than 60% since the deal was struck.
They have now re-estimated her personal fortune to $900 million (Dhs3.3 billion), which we still say isn’t bad for 22.
We think Momager Kris is doing overtime this week!