fbpx
Connect with us

Hi, what are you looking for?

ENTERTAINMENT

Kylie Jenner: Forbes drops celebrity from billionaire list

 

Forbes magazine has struck reality TV star and entrepreneur Kylie Jenner from its list of billionaires, and accused her family of inflating the value of her cosmetics business.

Forbes said the family went to “unusual lengths” to present its youngest member as richer than she was.

In tweets, Jenner dismissed the article as “inaccurate statements and unproven assumptions lol”.

“I’ve never asked for any title or tried to lie my way there,” she wrote.

“I can name a list of 100 things more important right now than fixating on how much money I have,” she added.

The move reverses the status Forbes conferred on Jenner in 2019, when it declared her a self-made billionaire.

The description sparked controversy, with critics scoffing at the “self-made” title and pointing to her upbringing as a Kardashian family reality TV star.

Advertisement. Scroll to continue reading.

Forbes, which is known for its widely cited billionaire rankings, credited Jenner’s status to the success of her cosmetics company, which she founded in 2015 and which includes Kylie Cosmetics and Kylie Skin.

Jenner last year announced she was selling a 51% stake in the company to beauty giant Coty for $600m.

Forbes said the family’s accountant had provided it with tax returns that suggested the firm had done more than $300m in sales in 2016 and that publicists claimed sales of $330m the following year.

But information shared by Coty, which is publicly traded, showed Jenner’s firm is “significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe”, Forbes said.

Coty’s presentation to investors about the business suggested the firm did only $125m in sales in 2018.

“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?” Forbes asked in the article.

Despite the magazine’s downgrade, Jenner is hardly hurting.

Forbes said she pocketed $340m from the sale of her business. It now estimates her net worth at “just under $900m”.

Forbes writers have previously accused other would-be billionaires of inflating their riches, including US Commerce Secretary Wilbur Ross and President Donald Trump.

Advertisement. Scroll to continue reading.

NewIssues Magazine
Written By

NewIssues Magazine is a monthly magazine based in Abuja, with a widely reach daily online news stories and analysis. We are ALWAYS in the HEART of NEWS

Click to comment

Leave a Reply

Your email address will not be published.

COVID-19 UPDATES

COVID-19

By George Onmonya Daniel  Boss Mustapha’s Taskforce on Covid 19 is gradually falling apart. This is because nobody is listening to them and complying...

Advertisement

Facebook

Trending Today

Nigeria

By George Onmonya Daniel Members of the Islamic Movement in Nigeria, also known as the Shi’ites who have been protesting in Abuja to demand...

ANALYSIS

By Aliyu Maina Senator Kashim Shettima, Senator Abubakar Kyari, Senator Mohammed Ali Ndume are all senators from Borno state. I believe they are very...

NEWS

Major General Lamidi Adeosun, the Chief of Training and Operations of the Nigerian Army has been promoted to Lt. General. There is all indication...

POLITICS

IDespite condemnation from some Nigerians over the attack on Senator Ekwerenmadu in Germany where he went to attend a Yam festival, a lot of...

ANALYSIS

By George Onmonya Daniel  Late last year, to be precise, in December, NEWISSUES conducted a poll in which we asked people all over Northern...

featured

Most of us (bloggers) are non-professionals. That’s why organizations like CDD are training fact-checkers to tame the fake news merchants. Such a training is...

featured

US based Professor Farooq Kperogi has revealed that he got information that Buhari’s Special Adviser and son of his nephew, Sabiu “Tunde” Yusuf, has amassed...

NEWS

The man who was seen in a video who attempted to grab the president was shot, Daily Trust confirmed. Afterwards he was whisked to...

Nigeria

Mr. Eeben Barlow, South African military contractor, who’s company was sub-contracted to find the Chibok girls by the Goodluck Jonathan government, has told Aljazeera...

POLITICS

Senator Dino Melaye has declared his intention to run for the office of the governor of Kogi State. Mr. Dino Melaye told elders of...

featured

Few weeks ago NEWISSUES Magazine did an analysis on the five worst governors in Northern Nigeria. Today we are going to look at the...

NEWS

There has been rumor of the president divorcing his wife and planning to marry an old flame since Aisha Buhari left Nigeria.  By George...