Kylie Jenner has billionaire status revoked as she’s accused of ‘forging tax returns’

Kylie Jenner has had her billionaire status revoked by business magazine Forbes, who claim the reality star "spun a web of lies" to earn the feat.

The 22 year old was named the world's youngest self-made billionaire last year following the sale of her hugely successful cosmetics line.

But the publication have now stated the Keeping Up With The Kardashian star is no longer a billionaire, adjusting her worth to just under $900million instead.

In a new report on her business Kylie Cosmetics — which 51% of was sold to Coty last year — Forbes say: "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."

Get exclusive celebrity stories and fabulous photoshoots straight to your inbox with OK!'s daily newsletter. You can sign up at the top of the page.

An equity analyst told them: "It's fair to say that everything the Kardashian-Jenner family does is oversized. To stay on-brand, it needs to be bigger than it is."

Forbes also claimed that the Jenners have spent time "creating tax returns that were likely forged" in a bid to "look even richer."

They claim that the Jenner family had told them Kylie Cosmetics had made $300million in 2019 when, in fact, they had only taken profits of $125million.

Representatives for Kris Jenner's youngest daughter also told the publication that her skincare line had made $100million in revenues in its first month, when it only made $25million for the entire year.

The publication adds: "A more realistic accounting of her personal fortune puts it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status.

"More than a third of that is the estimated $340 million in post-tax cash she would have pocketed from selling a majority of her company.

"The rest is made up of revised earnings based on her business' smaller size and a more conservative estimate of its profitability, plus the value of her remaining share of Kylie Cosmetics — which is not only smaller than the Jenners led us to believe but is also worth less now than it was when the deal was announced in November, given the economic effects of the coronavirus."

However, Kylie has hit out at the claims, writing on Twitter: "what am i even waking up to. [sic]

"i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period [sic]

"'even creating tax returns that were likely forged' that's your proof? so you just THOUGHT they were forged? like actually what am i reading. but okay i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine. [sic]

"i can name a list of 100 things more important right now than fixating on how much money i have [sic]"

Source: Read Full Article