Kylie Jenner and her lawyer have responded to a scathing article from Forbes that stripped the 22-year-old of her title as the “youngest self-made billionaire in the world.”
On Friday, the business magazine alleges the “Life of Kylie” star “likely forged” tax returns and has been “lying” about her earnings to make it appear that she has more money than she does.
In 2016, a year after Jenner launched her first batch of lip kits, Forbes claims Kylie and her team showed them tax documents that said Kylie’s company made $307 million in revenue, and that Kylie herself had personal income of more than $110 million.
In 2018, Forbes says Kylie and her team allegedly told them the company’s 2017 revenue went up 7 percent to $330 million.
However, citing a presentation from Coty Inc. — the company that announced in November 2019 it was buying 51 percent of Kylie Cosmetics for $600 million — Forbes says Kylie’s revenue was $125 million in 2018, and $177 million for 2017, numbers much lower than the ones Kylie allegedly gave them.
“So much smaller, in fact, that there’s virtually no way the numbers the Jenners were peddling in earlier years could be true either,” Forbes wrote. “If Kylie Cosmetics did $125 million in sales in 2018, how could it have done $307 million in 2016 (as the company’s supposed tax returns state) or $330 million in 2017?”
Though Forbes theorizes that Kylie’s business could have “quietly fell by more than half in a single year,” they say it is likely that it “was never that big to begin with, and the Jenners have lied about it every year since 2016 — including having their accountant draft tax returns with false numbers — to help juice Forbes’ estimates of Kylie’s earnings and net worth.”
“While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying,” they added.
Overall, Forbes calculates her net worth to be just under $900 million.
Needless to say, Kylie did not take too kindly to this report, calling it “a number of inaccurate statements and unproven assumptions.”
She wrote on Twitter:
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— Kylie Jenner (@KylieJenner) May 29, 2020
“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.— Kylie Jenner (@KylieJenner) May 29, 2020
but okay 🤍 i am blessed beyond my years, i have a beautiful daughter, and a successful business and i’m doing perfectly fine.— Kylie Jenner (@KylieJenner) May 29, 2020
i can name a list of 100 things more important right now than fixating on how much money i have— Kylie Jenner (@KylieJenner) May 29, 2020
this is literally the LAST thing i’m worried about right now https://t.co/vw91YGDDmE— Kylie Jenner (@KylieJenner) May 29, 2020
Kylie’s lawyer Michael Kump also fired back at the outlet, saying their “article is filled with outright lies.”
“We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. The article is filled with outright lies. Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements,” Kump said in a statement obtained by TMZ.
Kump continued, “It is sad that, of all things, Forbes has devoted 3 reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes.”