Forbes magazine, which in March 2019 published reality TV star & businesswoman Kylie Jenner had become the world’s youngest self-made billionaire, stated on Friday that it no longer believed that her net worth was that much.
Forbes stated the family moved to “unusual lengths” to present its youngest member as more productive than she was.
The magazine said it analyzed financial data released by Coty Inc, which bought a 51 percent stake in Jenner`s Kylie Cosmetics company in November 2019.
The US outlet has obtained out that the enterprise is “significantly shorter, and less profitable, than the family has contributed years leading the cosmetics industry and media outlets, including Forbes, to believe.”
Forbes now estimates the net worth of Kylie Jenner, 22, at around $900 million.
Forbes, which is known for its widely cited billionaire rankings, credited Jenner’s status to the success of her cosmetics company, which she established in 2015 and which includes Kylie Cosmetics and Kylie Skin.
Jenner, the half-sister of Kim, Khloe, and Kourtney Kardashian, debuted Kylie Cosmetics in 2016 with $29 lip kits, including matching lipstick and lip liner.
Reacting to the report, Jenner lashed out at the outlet taking to Twitter.
Kylie Jenner tweeted, “What am I even waking up to. I thought this was a reputable site.. all I see are several inaccurate statements and unproven assumptions lol. I’ve never asked for any title or tried to lie my way there EVER. period.”
In the following tweet, she stated, “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.”
She more said, “But okay I am blessed beyond my years, I have a beautiful daughter, and successful business and I’m doing perfectly fine,” adding, “I can name a list of 100 things more important right now than fixating on how much money I have.”
According to stories, Jenner’s attorney, Michael Kump, rejected the conclusions of the report and said that it is “filled with outright lies.”
As per a report by The Independent, a spokesperson for Forbes stated that the investigation took quite an extended time as its reporters spent “months uncovering the facts.”