Kylie Jenner snaps at Forbes for accusing her of faking her billionaire status: I’ve never asked for any title
Kylie Jenner slammed Forbes for accusing her of faking her world's youngest self-made billionaire by forging tax documents. Read on to know more.
Kylie Jenner woke up to an unpleasant piece of news and she is furious. The 22-year-old makeup mogul slammed Forbes after it published a report accusing her of forging tax documents to fake her billionaire status. According to the magazine, the Jenner family inflated figures and forged tax returns for Kylie's cosmetics company. The accusations did not go down well with The Keeping Up With The Kardashian, who stated that she never asked for the title in the first place.
The television personality hogged headlines after Forbes named her the world's youngest self-made billionaire in 2019 and again in 2020. Expressing her surprise over the magazine’s latest report, Kylie tweeted, “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.” She then asked Forbes to prove it’s accusations about fake documents.
“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 tweeted. “But okay, I am blessed beyond my years, I have a beautiful daughter and a successful business and I am doing perfectly fine,” she added.
In its latest report, Forbes accuses Kylie of 'lying about her company’s figures to be dubbed a billionaire. According to the filings from beauty giant Coty, which acquired a 51 percent stake of Kylie's makeup company earlier this year, her brand generated revenues and profits that were far lower than the figures that have been presented by the Jenner-Kardashian family.
Levelling the accusations, Forbes noted that the family presented the 2016 tax returns that presented much higher revenue than the figures revealed by Coty's filing. Judging by the drastic difference in the figures, the report suggested that Kylie Cosmetics' sales either drastically collapsed in the two years before it was acquired by Coty, or the tax returns were forged. According to Coty’s documents, Kylie's business is way smaller than what the family claims.
“Revenues over a 12-month period preceding the deal: USD 177million according to the Coty presentation, far lower than the published estimates at the time,” Forbes mentioned in the report. Kylie’s reps claimed that her skincare line, which was launched in 2019, did USD 100 million in revenues in its first month and a half. However, the filings show that the line was actually on track to finish the year with just USD 25 million in sales, Forbes reported. The magazine claimed that according to the figures and calculations, Kylie’s personal fortune is just under USD 900 million.
Meanwhile, Kylie's lawyer reviewed Forbes' article that accused her and her family of creating a 'web of lies' for inflating the size of her business and success, TMZ reported. “The article is filled with outright lies. 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,” the lawyer said.
The layer also stated that it is sad that Forbes devoted its reporters to investigate the effect of the Coronavirus pandemic on Kylie's net worth. “We would not expect that from a supermarket tabloid, much less from Forbes.” Back in 2019, the young businesswoman left Facebook's Mark Zuckerberg (then 35) as the youngest self-made billionaire. The CEO of Facebook was just 23 when he was first honoured with the title in 2008.
Kylie started her make up line in 2015 by selling USD 29 lipstick kits, and today she is the youngest and richest member of the entire Kardashian-Jenner family. Her products were only sold online when it was first launched but in 2018. However, the brand eventually struck a deal to sell its products in Ulta Beauty stores across the US.
Considering her accomplishments, Forbes featured Kylie on the cover of its March 2019 edition and named her the youngest-ever self-made billionaire. The magazine also reported that the news did not go down well with Kylie’s brother-in-law and rapper Kanye West, who wasn’t declared billionaire back then. Kim’s husband reacted with “hurt and venom” after he was not included in the prestigious list. Forbes finally declared him a billionaire earlier this month.