Forbes magazine has struck reality TV star and entrepreneur Kylie Jenner from its list of billionaires, and accused her family of inflating the value of her cosmetics business.
But Kylie says she “never asked for any title.”
Forbes said the family went to “unusual lengths” to present its youngest member as richer than she was and the make-up mogul’s lawyer has responded.
According to Kylie Jenner’s lawyer, she demands Forbes to “immediately and publicly retract” their statements on her billionaire status.
The 22-year-old television personality was given the title of the youngest self-made billionaire by Forbes last year, but this week the company published a scathing article in which they claimed Kylie is not a billionaire and accused her of spinning a “web of lies” about her business including her Kylie Cosmetics brand.
Her Lawyer Michael Kump has issued a statement insisting Forbes’ article contains “outright lies”, and demanding the company retract their comments.
Michael said in his statement: “We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. The article is filled with outright lies. Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements. It is said that, of all things, Forbes has devoted three reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes.”Earlier this week, the ‘Keeping Up with the Kardashians’ star took to social media to slam the publication for making “unproven assumptions”.
She fumed on Twitter: “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 … ‘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 .. but okay … i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine.”
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
According to Forbes, the information shared by Coty showed Kylie Jenner’s firm is “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe”.
The magazine said it thinks that Jenner, even after the sale, is not a billionaire and estimated her net worth at “just under $900m”.
Coty’s presentation to investors about the business suggested the firm did only $125m in sales in 2018.
“If Kylie Cosmetics did $125 million in sales in 2018, how could it have done $307 million in 2016 (as the company’s supposed tax returns state) or $330 million in 2017?” Forbes asked in the article.
Kylie Jenner has been struck off the magazine’s coveted list of billionaires after becoming its youngest-ever “self-made” member in March 2019.
Jenner is not the first person to have been accused by Forbes of inflating their wealth to become known as a billionaire. Other notable examples include the US commerce secretary, Wilbur Ross, and the US president, Donald Trump.