Kylie Jenner is No Longer a Billionaire: Forbes

Kylie Jenner is no longer a billionaire, according to the latest report from Forbes. Jenner was named the youngest-ever self-made billionaire by Forbes magazine in March 2019 with Kylie Cosmetics being worth at least US$900 million. Keep reading to know why Kylie Jenner isn’t a billionaire anymore and what is her reaction to this report.

Kylie Jenner isn’t a Billionaire

In November 2019, Jenner sold a 51 percent stake in Kylie Cosmetics to Coty for $600 million, and now the parent organization has issued recently acquired records that Forbes claims show Jenner and her mother, Kris Jenner, increased the profit of the Kylie Cosmetics.

The recently obtained reports also exposed the fact that Kris owns a tiny share in Kylie Cosmetics, which reduces Kylie’s shares in her firm to 44.1 percent compared to her ere approved 49 percent, according to Forbes.

“Forbes had been estimating that her business, which has little overhead, was notching 44 percent net margins. But Coty’s filings indicate that Kylie’s profits are likely lower than we figured, since her EBITDA margin — which factors in some, but not all, of her expenses — is only around 25 percent,” the Forbes report read.

“Based on this new information — plus the impact of COVID-19 on beauty stocks and consumer spending — Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire,” the outlet reports.

Kylie Jenner’s reaction

Jenner has replied to Forbes’ latest report on Twitter, writing: “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.”

She added: “‘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.”