American Media Kylie Jenner is no longer a billionaire, according to Forbes
According to Forbes, Kylie Jenner is no longer a billionaire.
More than a decade into his fame, the Kardashian-Jenners cause eye-roll and sigh among jaded media consumers. But when it comes to their wealth, critics of the first family of reality TV also have intuition; The Kardashian-Jenner machine - and the cash it generates - has been the subject of articles, podcasts, even books.
Jenner, now 22, was named by Forbes last year as The Youngest Self Made Billionaire Ever. Jenner had earned crores from her company, Kylie Cosmetics, which she later sold to beauty company Coty in a 51% stake deal, valued at $ 1.2 billion.
But, Forbes' Chase Peterson-With Thorne and Madeline Berg reported this week that Jenner and her mother, Kris Jenner, followed their assets into documents provided to the publication about Kylie's personal wealth and her company's revenue.
"It's clear that Kylie's camp has been lying," Forbes reported.
Forbes said the Jenners have previously invited the publication into their homes and accountants' offices, and provided Forbes with tax returns "that were likely forged."
The magazine compared the Jenners' maneuvers to those of Donald Trump, writing, "The unusual lengths to which the Jenners have been willing to go... reveals just how desperate some of the ultra-rich are to look even richer."
According to Forbes estimates, his wealth is only close to $ 900 million. The average home price in the United States is approximately $ 97,300.
“Kylie is a modern-day icon, with an incredible sense of the beauty consumer,” Coty chairman Peter Harf gushed when announcing the acquisition in November.But in the deal’s fine print, a less flattering truth emerged. Filings released by publicly traded Coty over the past six months lay bare one of the family’s best-kept secrets: Kylie business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.
Of course white lies, omissions and outright fabrications are to be expected from the family that predicted—the monetized—the concept of “famous for being famous.” But, similar to Donald Trump’s decades-long obsession with his net worth, the unusual lengths to which the Jenners have been willing to go—including inviting Forbes into their mansions and CPA offices, and even creating tax returns that were likely forged—reveals just how desperate some of the ultra-rich are to look even richer.
“It’s fair to say that everything the Kardashian-Jenner family does is oversized,” says Stephanie Wissink, an equity analyst covering consumer products at Jefferies. “To stay on-brand, it needs to be bigger than it is.”
Based on this new information - the effect of COVID-19 on beauty stocks and consumer spending - Forbes now thinks that Kylie Jenner is not a billionaire even after accumulating an estimated $ 340 million after tax from sales.
