Cosmetics mogul, #KylieJenner has dropped out of the billionaires league, according to a report by Forbes.
Forbes downgraded the youngest of the Kardashian-Jenner clan after it stumbled on the filings by publicly quoted Coty, which bought 51 per cent of Kylie Cosmetics.
Kylie only pocketed $340million, contrary to reports that she pocketed $1.2billion.
Forbes also said the business is worth far less than it claimed and even less profitable.
“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 tax from the sale, is not a billionaire”, Forbes declared.
Forbes had declared Kylie a billionaire since 2019.
It’s review today not only downgraded her but also compared her fabled billions to Donald Trump’s. .
“Of course white lies, omissions and outright fabrications are to be expected from the family that perfected—then monetized—the concept of “famous for being famous.”
“But, similar to Donald Trump’s decades-long obsession with his net worth, the unusual lengths to which the Jenners have been willing to go—including inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged—reveals just how desperate some of the ultra-rich are to look even richer.
“It’s fair to say that everything the Kardashian-Jenner family does is oversized,” says Stephanie Wissink, an equity analyst covering consumer products at Jefferies.