Kylie Jenner has slammed Forbes after it published a bombshell report on Friday accusing the Jenner family of inflating figures and ‘forging’ tax returns for the makeup mogul’s cosmetics company.
It appears the 22-year-old reality star was taken by surprise at the article, which claims Kylie Cosmetics is not doing as well as the Jenners want people to think – and that the Lip Kit creator is not actually a billionaire.
Forbes named Kylie Jenner the world’s youngest self-made billionaire in 2019 and again in 2020, and of her surprise over their latest article she wrote on Twitter: ”what am i even waking up to. i thought this was a reputable site..”
She followed up with a quote from the Forbes report that accused the Jenners and their accountant of producing false tax returns.
She followed up with another post focusing on the positive, ”but okay i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine.”
In a detailed report based on public financial disclosures, Forbes on Friday accused the family of creating a ‘web of lies’ and said Kylie had inflated the size of her business and success.
The publication accuses her of ‘lying about company figures and forging tax returns’ to be dubbed a billionaire.
Based on filings from beauty giant Coty, which acquired a 51 percent stake of Kylie’s makeup company in January at a valuation of $1.2 billion, Kylie Cosmetics generated revenues and profits that were far lower that the figures touted for years by the Jenner-Kardashian clan.
These shock claims come after Forbes put Kylie on the cover and hailed her the youngest self-made billionaire ever two years running.
Forbes explained that it had been shown 2016 tax returns indicating revenue far higher than the numbers revealed by Coty’s filing, and that there were only two explanations: Kylie Cosmetics’ sales had utterly collapsed in the two years before the acquisition, or the tax returns were fabricated.
Forbes now think that Kylie, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire.
The magazine claimed that filings released by publicly traded Coty over the past six months reveal Kylie’s business is significantly smaller than people have been led to believe.
They wrote: ”Revenues over a 12-month period preceding the deal: $177million according to the Coty presentation, far lower than the published estimates at the time.”