Celebrities

Kylie Jenner no Longer a Billionaire – An insight into Forbes Claims

So, Kylie Jenner no longer a Billionaire? What about the accusations from Forbes Magazine?

Well, the Kardashians are very well aware of how to handle the pressure of being famous. And now, we also know that they are NOT actually famous, but perhaps make themselves appear famous …. and rich! And the report says, Kylie Jenner no longer a Billionaire!

Kylie Jenner No Longer a Billionaire – Claims Forbes

The latest in this celebrity expose involves Kylie Jenner and her web of lies. Or so says, the popular Forbes magazine, which terms Kylie Jenner no longer a Billionaire. It may be noticed that it was the same Forbes magazine that declared Kylie Jenner to be the youngest billionaire back in March last year. 

Kylie Jenner no Longer a Billionaire

There has always been a whole lot of speculation about Kylie Jenner worth.  While she has been praised for her business acumen and growth at a relatively younger age, she is now being blamed for a web of liesa term used by Forbes to claim that she is no longer a billionaire. 

In fact, when she was declared as the youngest, self-made billionaire in March 2019, a lot of eyebrows were raised. Rather than being any objection against her being a billionaire, the rankles were felt because of the word Self-Made. 

The report by Forbes last year said this,

Fueled in part by the Ulta expansion, Kylie Cosmetics’ revenue climbed 9% last year to an estimated $360 million. With that kind of growth, and even using a conservative multiple from the booming makeup industry, Forbes estimates Jenner’s company is worth at least $900 million. She owns all of it. Add in cash Jenner has already pulled from the profitable business, and the 21-year-old is now a billionaire, with an estimated fortune of $1 billion. She’s the youngest-ever self-made billionaire, reaching a ten-figure fortune at a younger age than even Mark Zuckerberg (who was 23 when he hit that mark).

However, things seem to be changing of late. Especially after Kylie Jenner sold a 51 percent stake in her Kylie Cosmetics to the Beauty Giant Coty. The deal valued at $1.2 billion was completed in January this year. It has been considered to be one of the greatest celebrity cash-outs of all time and perhaps goes a long way yo prove that Kylie Jenner was is a billionaire – at least before the outbreak of COVID 19.

However, Forbes now claims that it isn’t or wasn’t the truth, and perhaps not everything is hunky-dory with her business. Forbes now has claimed that the Kylie Cosmetics is not as huge and profitable as it was claimed to be. The publication has even gone to the extent of claiming that the Kardashians spent years in making everyone – including Forbes – believe in their propaganda in what Forbes calls Kylie Jenner’s Web of Lies. Forbes even has claimed that this is part of the Kardashian’s strategy of what Forbes calls “famous for being famous.”

Forbes has even blamed Jenner of tactics of inviting it to their mansions and CPA’s offices. It has also accused the Jenners of tax returns that are supposedly forged.

Kylie Jenner says She didn’t Ask for the Title

Kylie was quick enough to come with her own version. She promptly responded with a series of tweets. In one of the tweets, she claimed,

“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.”

Her attorney, Michael Kump, came up with an emailed statement that blamed the report to be “full of lies.”  he has stated that

“Forbes’ accusation that Kylie and her accountants `forged tax returns’ is unequivocally false. We are demanding that Forbes immediately and publicly retract that and other statements,… We would not expect that from a supermarket tabloid, much less from Forbes.”

However, for now, for the Jenner- Kardashians, this may perhaps be one of the right options for being “famous for famous”!

 

About the author

Donna Powell

Donna Powell

Donna is a veteran journalist who has immense experience in online journalism and creating stories. On News Bulletins, she manages to write news articles from the Business and Entertainment industry. She does a lot of social services, and help the needy. She loves doing that. She has a masters degree in English literature, and that gives her an edge while writing. Along with writing news articles, she does check every news content before putting them live. She checks each news content, and edit them to make them even more correct, and readable.

1 Comment

Click here to post a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe NewBulletins!

Enter your email address:

Delivered by FeedBurner

Get in Touch

To get in touch with The New Bulletins or to tell us about a Story or Press Release, just send an email to timkamat@gmail.com. And, we will get back to you shortly.

Get Better Deals on Hosting