Forbes has removed Kylie Jenner from its list of billionaires and accused the reality star of inflating the value of her cosmetics business.
Forbes, known for its billionaire rankings, said it no longer considers the youngest member of the Kardashian-Jenner family to be a billionaire, a status it first conferred in March 2019.
Forbes now thinks that Kylie Jenner, even after pocketing an estimated 340 million dollars (£275 million) after taxes from the sale, is not a billionaire. She sold 51% of her Kylie Cosmetics company to Coty in a deal valued at 1.2 billion dollars (£1 billion) early this year.
The magazine on Friday published the results of an investigation into Jenner’s finances, saying she and her family provided misleading information about her wealth. It now estimates her net worth at just under $900 million.
Documents later showed the business was much smaller than the family claimed for years. Kylie Cosmetics, which had 2019 revenue of $200 million, was built on the back of a social media following that reaches more than 175 million people.
Jenner responded in a series of tweets, saying: “What am I even waking up to. 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.”