Forbes stripps Kylie Jenner Billionaire status after she lied about networth and tax returns.
Self-made mogul Kylie Jenner has recently been stripped off her billionaire status by the American business magazine Forbes..
It was reported that the American Superstar lied about how successful she was.
Recently, it was uncovered that the Superstar used “likely forged” tax returns to make it look like she was a billionaire when in reality she wasn’t.
The 22 year old star was named last year as “the youngest self made billionaire ever”. This came after she unseated Facebook’s Mark Zuckerberg from his position. Jenner had made millions from her company, Kylie Cosmetics, which she later sold a 51% stake to the beauty company Coty in a deal that valued her company at $1.2 billion.
The publication accuses her of ‘lying about company figures and forging tax returns’ to reach the billionaire status.
Forbes now think that Kylie, even after pocketing an estimated $340 million after tax from the sale, has a personal fortune at just under $900 million.
“It is clear that Kylie’s camp has been lying” Forbes reported
Among a list of discrepancies, Forbes said the Jenners had previously told them Kylie’s cosmetics company had $360 million in sales in 2018, but a Coty presentation showed revenues were actually closer to $125 million that year.
“It’s fair to say that everything the Kardashian-Jenner family does is oversized,” Stephanie Wissink, an equity analyst covering consumer products at Jefferies said.
The news has left a lot of people perplexed about the famous star.
Forbes stripps Kylie Jenner Billionaire status after she lied about networth and tax returns
Watch video here: Kylie Jenner on Forbes
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