The Internet is a weird and magical place that can accomplish almost anything when people come together, like getting a picture of an egg to beat Kylie Jenner’s photo off Instagram’s throne.
Kylie Jenner is responding to a Forbes report refuting her billionaire status.
In March 2019, the same outlet named her the youngest self-made billionaire, thanks largely to her cosmetics company, which she sold a $600 million stake in to Coty Inc. in November 2019. The deal valued Kylie Cosmetics at $1.2 billion, the Wall Street Journal and Fox Business reported at the time.
In Forbes‘ latest report Friday, the outlet says the company “is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets,” citing filings released by publicly traded Coty.
“Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time. But the deal’s fine print reveals that she has been inflating the size and success of her business. For years,” the report states.
Now, Forbes estimates that she is not a billionaire, instead reporting she is worth “just under $900 million,” adding that more than a third of that is the estimated $340 million in post-tax cash she pocketed from the company sale.
Additionally, Forbes reports Coty said the business only generated about $125 million in 2018, “nowhere near the $360 million the Jenners had led Forbes to believe.” Her skin care line did $100 million in revenues in its first month in May 2019, Jenner’s reports told Forbes, but Forbes said filings show the line was “on track” to finish the year with $25 million in sales.
The businesswoman and media personality, 22, took to Twitter to address the report’s claims.
“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 tweeted.
USA TODAY reached out to Jenner’s reps for comment on the report.
She also called out a specific part of the report about her tax returns.
The article states that the tax returns that were shown to Forbes in 2016 were “likely forged.”
“Despite looking authentic and bearing Kylie Jenner’s signature, weren’t exactly convincing since the story they told, of e-commerce brand Kylie Cosmetics growing from nothing to $300 million in sales in a single year, was hard to believe,” the report continues.
Jenner was quick to point out this line, writing, ” ‘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.”
Jenner did not comment specifically on any of the other claims made in the report.
The star, who recently spoke out about the death of George Floyd, also added that she could “name a list of 100 things more important right now than fixating on how much money i have.”
After the announcement of her billionaire Forbes cover, the title earned backlash, with many arguing due to her family’s wealth she is not “self-made,” the youngest of the Kardashian-Jenner clan defended the idea that she was a “self-made billionaire” and called it “the truth.”
During an interview with The New York Times shortly after, Jenner changed her tune and admitted that she “can’t say I’ve done it by myself.”
Contributing: Rasha Ali, Hannah Yasharoff
Read or Share this story: https://www.usatoday.com/story/entertainment/celebrities/2020/05/29/kylie-jenner-forbes-report-billionaire-status/5283226002/