Kylie No Longer Billionaires In Forbes Record
Famous Forbes withdrew Kylie Jenner from the list of billionaires, and accused her family of inflating the value of her cosmetic company.the magazine said the family presented Kelly, the youngest of its members, as wealthier than it was.Jenner described Forbes’s article as being based on “inaccurate information and unproven assumptions,” in a series of tweets.
The move negates the position Forbes gave Jenner in 2019, when she was declared a “self-made billionaire.”he description then sparked controversy, as critics mocked the nickname “self-inflicted” and referred to its rise as a Kardashian family.
Forbes,new information and impact of COVID-19 on the sale of the beauty has led them to believe that she is not a taxpayer, even though she has incurred an estimated $ 340 million in after-sales tax,and also says kylie known for its billionaire classifications, attributed Jenner’s fortune to the success of her cosmetic company, which she founded in 2015 and includes Kylie Cosmetics and Kylie Skin.
Jenner announced last year that it had sold a 51% stake in the company to the cosmetic giant Koti for $ 600 million.Forbes said that the family accountant provided her with tax returns indicating that the company generated more than $ 300 million in sales in 2016 and that advertisers claimed sales of $ 330 million in the following year.
But Forbes said the information released by Koti and publicly circulated showed that Jenner was “much smaller and less profitable than her family had been promoting the cosmetics and media industry, including Forbes, for years”.
Coty’s presentation to entrepreneurs on investing in business indicated that Jenner made sales of only $ 125 million in 2018.lthough the magazine was downgraded, Jenner barely suffered from it.Forbes said Jenner raised $ 340 million from her cosmetics company. The magazine now estimates its net worth at “just under $ 900 million.”
Forbes had previously accused other people who sought to become billionaires by inflating their wealth, including US Commerce Secretary Wilber Ross and President Donald Trump.