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Friday, May 29, 2020

Liar Liar!....Forbes Yanks Reality TV Star Kylie Jenner From Billionaires' List

Forbes on Friday announced that it had removed reality TV star and make-up mogul, Kylie Jenner from its list of

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. 

In addition to the adjusted estimates for Kylie Cosmetics’ revenues, Forbes accounted for the impact of the coronavirus pandemic on cosmetics companies, as Kylie still owns part of the company

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