Forbes Credibility on the rocks over kylie Jenner’s false Billionaire status
Forbes magazine has struck celebrity Kylie Jenner from its list of billionaires and accused her family of inflating the value of her cosmetics business. 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 move reverses the status Forbes conferred on Ms Jenner in 2019, when it declared her a self-made billionaire.
When she sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion early this year, it was a watershed moment for the family, the transaction seemed to confirm what Kylie had been saying all along and what Forbes had declared in March 2019: that Kylie Jenner was, indeed, a billionaire at least before the coronavirus.
In a tweet, Kylie dismissed the article as “inaccurate statements and unproven assumptions lol; “I’ve never asked for any title or tried to lie my way there” she wrote.
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— Kylie Jenner (@KylieJenner) May 29, 2020
“i can name a list of 100 things more important right now than fixating on how much money i have” she added.
This shows lack of diligence and integrity on the side of Forbes, conferring billionaire status on the 21 year-old reality TV star and cosmetic guru without proper research.
Forbes, which is known for its widely cited billionaire rankings, credited Ms Jenner’s status to the success of her cosmetics company, which she founded in 2015 and said she pocketed $340m from the sale of her business. It now estimates her net worth at “just under $900m”.