Forbes on Friday announced that
it had removed reality TV star and make-up mogul, Kylie Jenner from its list of
billionaires.
billionaires.
Jenner, now 22, was named last year by Forbes as “The Youngest
Self-Made Billionaire Ever.” Jenner had made millions from her company, Kylie
Cosmetics, which she later sold a 51% stake to the beauty company Coty in a
deal that valued her company at $1.2 billion.
Forbes alleged that Kylie and her family lied about company figures and forging
tax returns’ to reach the billionaire status.
They accused the family of creating a ‘web of
lies’.
Kylie Cosmetics is “significantly smaller, and
less profitable than the family has spent years leading the cosmetics industry
and media outlets to believe,” Forbes reported after seeing filings released by
publicly traded Coty over the past six months.
“It’s clear that Kylie’s camp has been lying,”
Forbes wrote.
Her wealth is likely closer to just under $900
million, according to Forbes’ estimate. The median household net
worth in the United States is around $97,300.
Forbes also said the Jenners had previously told
them Kylie’s cosmetics company had $360 million in sales in 2018, but a Coty
presentation showed revenues were actually closer to $125 million that
year.
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