This is what I found on PageSix.com:
Kylie Jenner has been stripped of her title of youngest self-made billionaire.
The 22-year-old is accused in a scathing new Forbes report of lying about her wealth and forging tax returns in order to inflate her net worth.
Last year, the business magazine named Jenner the youngest-ever self-made billionaire after she sold her makeup line, Kylie Cosmetics.
In a Friday report, Forbes said it ‘now thinks that Kylie Jenner, even after pocketing an estimated $340 million after tax from the sale, is not a billionaire.”
… when the youngest of the clan, Kylie Jenner, sold 51% of her Kylie Cosmetics to beauty giant Coty in a deal valued at $1.2 billion this January, it was a watershed moment for the family. One of the greatest celebrity cashouts of all time, 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.
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’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe.
Revenues were $400 million over the business’ first 18 months, [Jenner publicists] said, with a personal take-home of $250 million for Kylie. Pressed for proof, they opened up their books. During meetings at Kris Jenner’s palatial Hidden Hills, Calif. estate and the family accountant’s office nearby, Forbeswas shown tax returns detailing $307 million in 2016 revenues and personal income of more than $110 million for Kylie that year. It would have been enough to put her at number two on the Celebrity 100 list, behind Taylor Swift, the accountant was quick to point out. But the documents, despite looking authentic and bearing Kylie Jenner’s signature, weren’t exactly convincing since the story they told, of ecommerce brand Kylie Cosmetics growing from nothing to $300 million in sales in a single year, was hard to believe.
Analysts and industry experts “settled on a more reasonable estimate for our 2017 Celebrity 100 list: $41 million in overall earnings for Kylie, good for the No. 59 spot,” the magazine reported.
Forbes says Kylie Jenner sent the company fake tax returns in order to get on its billionaires list https://t.co/E9vrhoxg77
— Lachlan Markay (@lachlan) May 29, 2020
Information provided by PageSix.com.
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