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Entertainment Is Kylie Jenner a billionaire? Forbes takes away status, says Kardashian-Jenner family provided misleading information

06:25  30 may  2020
06:25  30 may  2020 Source:   usatoday.com

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Kylie Jenner (Frazer Harrison/Getty Images). Reality show star and so-called “self-made” billionaire Forbes also claims that her family went as far as creating tax returns that were “likely forged” in a Forbes claims the now-millionaire misled Coty into buying 51% of her Kylie Cosmetics in a deal that

Forbes says with the new information , Jenner is not a billionaire . Though she’s far from broke with a recalculated net worth of just under 0 million. Yahoo has made multiple attempts to get a comment from Jenner , Kris and their teams and will update this story if one is eventually provided .

Kylie Jenner's status as a billionaire has been called into question by Forbes in a story that also raises questions about the magazine’s ability to accurately assess the finances of celebrities.

Forbes, known for its billionaire rankings, said it no longer considers the youngest member of the Kardashian-Jenner family to be a billionaire, which it reported in March 2019.

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 (AUD 1.3 billion).

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Kylie Jenner 's billionaire status just got yanked by Forbes -- which originally Forbes ’ accusation that Kylie and her accountants 'forged tax returns' is unequivocally false and we are Here's what the magazine says it was told: The Jenners provided documents showing Kylie 's company's annual

Kylie Jenner 's billionaire status is currently in question, after Forbes – who last year released a story, calling Kylie the youngest "self-made" billionaire in The article also includes evidence which Forbes believes proves she is not, in fact, a billionaire anymore. "[ Kylie Cosmetics] was never that big to

Kylie Jenner wearing a black shirt: Kylie Jenner celebrated her 22nd birthday while vacationing Italy on a yacht. © Getty Images Kylie Jenner celebrated her 22nd birthday while vacationing Italy on a yacht.

In its investigation Friday, Forbes says the Kardashians and Jenners have spent years fighting for higher spots on its annual wealth and celebrity earnings lists. 

Jenner's brother-in-law and rapper Kanye West was included in Forbes list in April.

USA TODAY reached out to Jenner's reps for comment on the report. Jenner took to Twitter tweeting Friday the Forbes article had "a number of inaccurate statements and unproven assumptions" and she "never asked for any title or tried to lie my way there EVER. period."

Last November, Jenner sold a $600-million (AUD 900 million approximately) stake in her cosmetic company Kylie Cosmetics to Coty Inc, a beauty company that owns CoverGirl, Tiffany & Co. and Balenciaga among other notable beauty and fashion brands. A news release at the time said Coty would own 51% of Jenner's company.

Forbes called the sale one of "the greatest celebrity cashouts of all time" and said "the transaction seemed to confirm what Kylie had been saying all along" and what it declared in the March 2019 story. Coty officials declined to comment.

Jenner pocketed an estimated $340 million (AUD 510 million), after tax, from the sale, Forbes reported but said based on filings and the impact of COVID-19 on beauty stocks and consumer spending that Jenner is not believed to be a billionaire.

Forbes also said in its story that the family created "tax returns that were likely forged," which Jenner’s attorney Michael Kump said was "unequivocally false" in a statement to People magazine.

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The magazine says the Kardashian family misled the press about the value of Kylie Jenner 's makeup Forbes magazine has struck celebrity Kylie Jenner from its list of billionaires and accused her End of Twitter post by @ KylieJenner . The move reverses the status Forbes conferred on Ms

Kylie Jenner has slammed Forbes after it published a bombshell report on Friday accusing the Jenner family of inflating figures and 'forging' tax returns for the Kylie is not a billionaire , Forbes claimed on Friday. They accused the 'self-made' makeup mogul, 22, of spinning 'a web of lies' about company

"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 told People.

To some experts, Forbes' about-face may put the publications' popular rankings into question. 

James Warren, executive editor of NewsGuard, which rates the credibility of news and information sites, told USA TODAY the news speaks to the importance of verifying information.

"The Kardashian claim was and remains the sort that's easy to make, yet hard to verify,” said Warren, a former Chicago Tribune managing editor. “But it requires verification because some people use 'billionaire' as a credential of grand distinction, a sort of Harvard degree, even if one measured in money rather than academic achievement.”

Rita McGrath, who is professor of management at Columbia Business School, said the story puts Forbes in a "tough spot."

“I do think a magazine like Forbes has a certain responsibility to present factual data if they are going to claim to be that source,” McGrath said. "I think maybe a higher level of scrutiny might be merited.”

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And Forbes concluded their article by saying that Kylie Jenner is not a billionaire — although she's still insanely wealthy, with a new estimated worth of Taking all this new information into account and factoring in the pandemic, Forbes has recalculated Kylie ’s net worth and concluded that she is not a

Kylie Jenner has been stripped of her title of youngest self-made billionaire . The 22-year-old is accused in a scathing new Forbes But Forbes said in its report out Friday, “ Forbes now thinks that Kylie Jenner , even after pocketing an Tristan Thompson reacts to Khloé Kardashian 's new look.

Forbes is not the only publication that ranks billionaires; Bloomberg News has its Billionaires Index, which is a daily ranking of the world's billionaires.

Kylie Jenner reportedly splurged $188 million in the past year despite Forbes' claims she's not a billionaire

  Kylie Jenner reportedly splurged $188 million in the past year despite Forbes' claims she's not a billionaire Kylie Jenner has reportedly blown more than US$100 million (approx. $188 million) in the months before Forbes magazine stripped the star of her billionaire title. In April, the Kylie Cosmetics founder splurged on a US$36.5 million ($53 million) mansion in the affluent LA neighbourhood of Holmby Hills, and in May she shelled out another US$15 million ($22 million) on an empty lot in Hidden Hills. https://www.instagram.com/p/CAgHB8BnfKE/ In March,In April, the Kylie Cosmetics founder splurged on a US$36.5 million (AU $53 million) mansion in the affluent LA neighbourhood of Holmby Hills, and in May she shelled out another US$15 million ($22 million) on an empty lot in Hidden Hills.

Forbes spokeswoman Christina Vega told USA TODAY that this new investigation shows the publication's commitment to "uncovering new information year after year" and "willingness to set the record straight when we do get new information."

Vega said Forbes' "investigation was triggered by newly-filed documents that revealed glaring discrepancies between information privately supplied to journalists and information publicly supplied to shareholders." 

"There have been rare instances in the history of the list in which people have blatantly lied to us in efforts to move their fortunes up or down," Vega said in a statement to USA TODAY. "We try to spot those cases as soon as possible and report on them immediately to our readers."

Contributing: Sara M. Moniuszko

Pictures: Kylie Jenner responds to Forbes' claim

Kylie Jenner wearing a black dress: Despite the Kardashian-Jenner family's dutiful social distancing efforts, Kylie Jenner found herself shaken recently when she learned someone in her inner circle contracted the coronavirus.

Kylie Jenner is the highest paid celebrity on the Forbes list .
Los Angeles / New York. TV starlet and young entrepreneur Kylie Jenner has been named the highest paid celebrity of the year by Forbes. Most recently, Taylor Swift held this title. German celebrities are among the top 100. © Ida Kammerloch Kylie Jenner (archive). According to the list published by the US business magazine on Thursday, Jenner (22) has earned $ 590 million (more than € 520 million) more than any other celebrity worldwide in the past twelve months.

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