The world’s ‘Youngest Self-Made Billionaire’ apparently isn’t as rich as we all think…
According to Forbes Magazine reality TV star and entrepreneur Kylie Jenner has been inflating her earnings. This was apparently revealed after the business magazine did some investigation into the reality star and her net worth.
Reports say that Kylie Jenner and her seemingly flourishing makeup company may not be as financially successful as they have been perceived to be in recent years. Based on newly-obtained documents from Coty (the parent company that bought 51 percent of Kylie Cosmetics back in November 2019),
Forbes believes that Kylie and her “momager”, Kris Jenner, not only inflated the success of the company but also concealed the fact that Kris owns a small share, which essentially decreases her daughter's share hold of her namesake brand to just 44.1 percent (compared to the publicly-acknowledged 49 percent.)
Kylie claims the report is made up of "inaccurate statements and unproven assumptions.”
In true Gen-Z style she shared her sentiments in a string of tweets, defending herself to her 33.8 million followers.
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 lol. i’ve never asked for any title or tried to lie my way there EVER. period— Kylie Jenner (@KylieJenner) May 29, 2020
The youngest daughter of Kris and Bruce Jenner (now known as Caitlyn Jenner) began her journey as an entrepreneur when she debuted Kylie Cosmetics back in 2016 with $US29 (approx. Dhs106) lip kits containing matching lipsticks and lip liners.
i can name a list of 100 things more important right now than fixating on how much money i have— Kylie Jenner (@KylieJenner) May 29, 2020
Based on this new information (including the impact of COVID-19) Forbes now believes that Kylie, even after pocketing an estimated $340 million from the sale of the, is not a billionaire. The business magazine claims her net worth is closer to $900 million and not a true $1 billion dollars, with more than a third of that amount courtesy of her Coty deal.
Lead image courtesy of Instagram/KylieJenner