OVERVIEW OF: Forbes says Kylie Jenner is no longer a billionaire, claims she FORGED tax returns
Forbes says Kylie Jenner is not a billionaire – after originally naming her the youngest billionaire ever– claims she fabricated financial documents to support the false claim.
On Friday, Forbes called out Kylie Jenner and her mum Kris Jenner in a detailed report based on public financial disclosures claims they created a “web of lies” surrounding the success of Kylie Cosmetics, its size and success.
Kylie Jenner was accused 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.
According to Forbes, the family invited them into their mansions and CPA’s offices. Here’s what the magazine says it was told: The Jenners provided documents showing Kylie’s company’s annual revenue from 2016 to 2018 was somewhere between $307 million to $360 million per year.
Forbes now says the real numbers were $125 mil for 2018, $177 million for 2017 and Forbes doesn’t provide a number for 2016, but claims it was still greatly exaggerated.
The magazine claims the Jenners had accountants create false tax returns “to help juice Forbes’ estimate of Kylie’s earnings and net worth.” Important to note, Forbes is not saying she filed false tax returns with the government.