Forbes magazine published in March 2019 a report entitled "At the age of 21, Kylie Jenner became the youngest self-made billionaire in the world." The news spread in newspapers and social networking sites for the youngest members of one of the most famous families in the world to obtain this title that was overlooked by Facebook founder Mark Zuckerberg.
The Kardashian family celebrated the title, and Kylie posted the cover of Forbes via her Instagram account, and said, "She doesn't believe the ancient Forbes magazine posts her picture on the cover, saying" I'm lucky to do what I love every day. "
View this post on Instagram
wow. I can't believe I'm posting my very own @forbes cover. Thank you for this article and the recognition. I'm so blessed to do what i love everyday. i couldn't have dreamt this up! #KylieCosmetics
A post shared by Kylie 🤍 (@kyliejenner) on Jul 11, 2018 at 7:00 am PDT
Lies network
But it changed when Forbes magazine announced this week - more than a year later - that Kylie had lied about her fortune, and the magazine published a new report entitled "Inside Kylie Jenner's Lies Network ... Why isn't she a billionaire?"
In January of this year, Kylie sold 51% of her cosmetic company’s stake to the beauty company “Koti”, a public joint stock company, in a $ 1.2 billion deal, and despite the success of the deal, its precise details revealed Kylie's inflated Her wealth and success for years.
Forbes stated in its report that "the information published by Koti over the past six months revealed a family secret, which is that Kylie is smaller and less profitable than the family promoted for years, and led the cosmetic companies and the media to believe it, including Forbes."
According to the report, during the magazine's meeting with Chris Jenner - who is Kylie's mother - in 2016, they were presented with tax returns that indicated that the company achieved sales of more than $ 307 million in this year, and in the following year the family announced that the company's profits rose by 7% to reach $ 330 million for 2017.
But what Koti revealed through its presentation to investors is that revenues during 2019 are estimated at $ 177 million, and that it thus increased by 40% compared to 2018, meaning that revenue in 2018 is estimated at $ 125 million only, and Forbes commented in its report that these figures Confused with what "Jenner's family led Forbes to believe."
Months of investigations
"The documents submitted recently revealed stark contrasts between what was presented secretly to journalists and what was announced to shareholders," said Matthew Hutchison, a spokesman for the magazine, adding, "Our correspondent noticed inaccuracy, and spent months exposing these facts."
The magazine accused Kylie of having amplified the size and success of her cosmetic company, and also accused her family of participating in these lies and making an extraordinary effort to present the smallest of its members as richer than the truth, then Kylie was excluded from the Forbes list of billionaires after revealing the size of her true fortune, which is estimated Less than 900 million dollars, even after the sale of the company.
Kylie replied
Kylie responded via her Twitter account with a set of tweets in which she questioned the magazine's credibility, saying, "What is this that I woke up to? I used to think that this is a remarkable site, all I see is a bunch of inaccuracies and unproven assumptions, I never asked for No title or I tried to lie on my way there at all. "
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
She followed her with a tweet in which she asked about the evidence for the Forbes report claim that the tax returns were fraudulent.
“Even creating tax returns that were likely forged” that's your proof? so you just THOUGHT they were forged? like actually what am i reading.
- Kylie Jenner (@KylieJenner) May 29, 2020
"I can mention 100 other things that are more important now than focusing on how much money I have," she concluded by commenting on the Forbes report.
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
Even if Kylie does not care about the size of her wealth, it is not just a matter of withdrawing the title from the list of billionaires, the Forbes report led to a 13% decline in shares of Coty, to increase the company's decline in 2020 to 68%, according to the Bloomberg newspaper.
And Kylie is not the first to be accused by Forbes of inflating her wealth to become a billionaire. It was preceded by US Commerce Secretary Wilber Ross and US President Donald Trump.