Kylie Jenner is reportedly no longer a billionaire according to Forbes News

Kylie Jenner is reportedly no longer a billionaire according to Forbes

Author's avatar Clout News Desk

Time icon May 30, 2020

Kylie Jenner has criticised Forbes for reportedly stripping the tycoon of her billionaire status. Forbes named Kylie the world’s youngest self-made billionaire in the years 2019 and 2020. In what can be seen as a shocking turn of events, the company now claims that the 22 year old has, “inflated the revenue of her company”.

Forbes has a new report out, titled “Inside Kylie Jenner’s Web of Lies — and Why She’s No Longer a Billionaire. The report claims that the Jenner’s tax returns are most likely forged, but not necessarily fraudulent. Forbes, known for its esteemed billionaire rankings, decided to investigate the matter.

On Friday, they published the results of an investigation into Jenner’s finances. It claimed that Kylie Jenner and her family provided misleading information about her wealth. Forbes now estimates her net worth at just under $900 million.

What Kylie had to say about it

Kylie Jenner wasn’t exactly happy to hear about the report so she took to twitter on Friday.
“what am I even waking up to,” the befuddled 22 year old wrote. “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”

“Forbes’ accusation that Kylie Jenner and her accountants ‘forged tax returns’ is unequivocally false. We are demanding that Forbes immediately and publicly retract that and other statements.” wrote Jenner’s attorney Michael Kump.

What led Forbes to start the Investigation

Sources stated that Forbes started an investigation because it was triggered by some newly-filed documents. These documents revealed “glaring discrepancies between information privately supplied to journalists and information publicly supplied to shareholders.”

Last November, Jenner made a profitable business decision. She decided to sell a majority stake in her namesake makeup company to beauty conglomerate Coty Inc.

Forbes called the same sale as one of “the greatest celebrity cashouts of all time.” And the company revealed that Jenner pocketed an estimated $340 million, after tax, from the sale. It also commented that “the transaction seemed to confirm what Kylie had been saying all along.”

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Clout News Desk

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