Forbes was dubious regarding the standing of Kylie Jenner as a billionaire through their article. The situation poses questions on their capacity to conscientiously surmise celebrities' finances.
Acclaimed for its rankings on billionaires, the American business magazine abides by the belief that the Kardashian-Jenner family's youngest member is a billionaire no more. This was reported by the publication in March 2019.
Forbes basically claimed that Jenner faked her way to her billionaire ranking.
She reportedly used forged tax returns to be hailed as the youngest self-made billionaire crowned by the money magazine. The aspired title was yanked on Friday, Page Size reported.
The fierce narrative blaming the media personality and businesswoman alongside her "momager" Kris Jenner of lying about her daughter's net worth and her remarkably prosperous makeup line, Kylie Cosmetics' earnings.
Forbes probed into Kylie's real net worth, 2 years after it displayed her on their "America's Women Billionaires" cover.
The magazine alleged that the accountants of the Jenners might have disclosed to them forged tax documents indicating inflated tallies to boost the estimates of Kylie's net worth and earnings.
According to Global News, Kylie Cosmetics' worth stood at least $900 million, according to Forbes in March 2019.
The magazine was divulged tax returns amounting to $307 million in revenues for 2016 and personal income of over $110 million for Kylie during the same year. This transpired amid meetings the palatial Hidden Hills, California estate of Kris Jenner near the office of the family accountant's office. Their accountant immediately noted that this initially would have been sufficient to place her at the 2nd ranking on the Celebrity 100 list behind Taylor Swift.
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Forbes said this does not signify that the filed tax returns were fraudulent.
Kylie sold a stake of 51 percent in Kylie Cosmetics to Coty for $600 million. Forbes alleges that newly acquired documents present Kylie and her mother increased the opulence of the Kylie Cosmetics.
The financial magazine said that the filings presented, "Kylie's business is significantly smaller and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe."
They currently believe that despite earning a surmised $340 million following taxes from the sale, Kylie Jenner is not a guaranteed billionaire.
Reporters Madeline Berg and Chase Peterson-Withorn found that Kylie Cosmetics earned $177 million in the course of 12 months prior to the deal being closed in January 2020. The said estimate was "far lower than the published estimates at the time."
According to Coty, the sales rose 40% from 2018 which means that Kylie's business merely generated an estimate of $125 million in the said year. This is far off from the $360 million the Jenners had informed the magazine.
Jenner wrote on Twitter dismissing the article as "inaccurate statements and unproven assumptions lol".
"I've never asked for any title or tried to lie my way there."
Forbes likened the Jenners' alleged schemes to that of US President Donald Trump, "The unusual lengths to which the Jenners have been willing to go" showed "just how desperate some of the ultra-rich are to look even richer."
