Lies! Lies! Lies! It’s all lies and now we know it. Keeping up with the Kardashian Star, Kylie Jenner isn’t the billionaire we were led to believe and now she is facing criminal investigations and even jail but why go to such extremes to prove you are something you are not and how exactly did all this happen? If she is not a billionaire then is she broke?
Well in 2018, Forbes put Kylie who is only 22 on the cover of its billionaires magazine. She was hailed as the youngest self-made billionaire for a second year in a row in 2019 and in 2020 but in a shock move Forbes removed her from the list on Friday.
Her mother lied
Forbes claims they were shown tax returns which they did not believe to be accurate back in 2016. When they refused to accept the numbers as an accurate reflection of her wealth her furious mother Kris Jenner who is no doubt great at the art of deception cleverly put an article out in WWD to exaggerate the wealth and produce false or exaggerated documents which would prove the claims to be correct.
Kylie’s billionaire status remained under speculation, but it wasn’t until Kylie tried to sell her cosmetic business that the truth emerged. Kylie sold 51% of the business to Coty for $600m in January. Coty as a public company had to provide abide by new financial disclosure rules which revealed the business was a lot smaller than people were led to believe.
She had told Forbes her business made $360 million in revenue for 2018. However SEC filings showed the business had generated about $125 million that year, nowhere near the $360 million the Jenners had led Forbes to believe. The numbers for her skincare range also differed significantly.
So there you have it, if you lie you will get caught but while she may not be a billionaire Forbes will still estimate her wealth at $900m so she isn’t quite broke yet. Clearly just status driven and needed to boost her ego.