LOS ANGELES (CelebrityAccess) — A new expose in Forbes has accused social media influencer Kylie Jenner of inflating her net worth and has stripped the young entrepreneur of her coveted billionaire status in the magazine’s rankings.
The article, titled ‘Kylie Jenner’s Web Of Lies‘ accused the Kardashian-Jenners of systemically inflating her wealth and success to further her own band.
According to Forbes, Kylie, who, at 21, was named the world’s youngest self-made billionaire of going to unusual lengths to prove her billionaire bona-fides, including “creating tax returns that were likely forged”.
“While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying,” Forbes concluded.
Forbes’ also suggested that the Jenner overstated the January sale of a 51% stake in Kylie Cosmetics to beauty giant Coty for a reported $1.2 billion.
Filings from Coty, which is a publicly traded company, have since cast the deal in a new light, suggesting that Kylie Cosmetics was smaller and less profitable than had previously been reported.
The new analysis by Forbes estimates that Jenner pocketed an estimated $340 million after taxes from the sale and that Jenner’s net worth was closer to a paltry $900 million rather than a billion.
“I think everybody was surprised,” Stephanie Wissink, an equity analyst for Jefferies, told Forbes. “The negative that came out of that announcement was that the business was a lot smaller than everybody had expected.”
The Forbes article also revealed the usnseemly lengths the Kardashian-Jenners would go to to ensure they were highly placed on the Forbes net worth list, included orchestrated media campaigns and inviting Forbes into their homes and CPA offices.
“You have to remember they are in the entertainment business,” cosmetics veteran Jeffrey Ten told Forbes. “Everything in entertainment has to be exaggerated to get attention.”